BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -An illusory promise is one that is unenforceable. This is due to a lack of mutuality or indefiniteness where only one party is bound to perform. An illusory promise is based on deception or parameters that are indefinite, making it unclear what must be done or if performance is optional.

Detailed explanation-2: -Rescission is the substitution of one party to a contract for a third party, who agrees to assume the contractual duties. Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract. Two parties can mutually agree to rescind a contract if it is executory.

Detailed explanation-3: -The subject matter that the parties agree to exchange does not need to have the same or equal values; the law will regard consideration as adequate if the parties have freely agreed to the exchange. A promise is exchanged for a completed act or a forbearance to act.

Detailed explanation-4: -A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances. Promises made with consideration based on events that have already taken place are fully enforceable.