It is natural to be surprised at the relationship between contract law and the morality of promises and agreements. This chapter distinguishes two ways of conceiving this relationship. First, the moral obligations of the parties, based on agreements, could be taken into account in the explanation of contract law, taking into account its functions or justifications. Contract law could be used to enforce the performance obligations of the parties in the first order, to enforce second-order remediation obligations, to support the culture of drafting and preservation of contracts in general, or at least not to interfere with that culture or the ability of individuals to act morally. Second, the treaty can be interpreted as a legal analogy to promises. Both the treaty and the promises allow people to make new commitments to each other if they wish. Each is a kind of normative power, one legal, the other moral. The chapter concludes with the argument that these two ideas on contract law are not mutually exclusive. Contract law obliges the parties to exchange agreements, a legal obligation to perform for reasons beyond the parties` eventual contractual intent, and gives them the power to assume that legal obligation if they provide for it. The person making the statement is the promise. The person to whom the statement is made is referred to as a promise. 1) n.
a firm agreement to perform an act, to refrain from acting, or to make a payment or delivery. In contract law, when the parties exchange promises, any promise is “reflection” (a valuable point) for the other promise. Failure to execute a promise of contract is an offence for which the other party may sue for damages and/or interest. 2) to act against a firm agreement, to refrain from acting, or to make a payment or delivery. (See: Contract, consideration) PROMISE, contr. A commitment by which the promisor engages in another to pay or do something to the benefit of the latter. 2. When a promise is reduced to the form of an agreement written under the seal, it is called an alliance. 3. To be binding on the promise, the commitment must be given with sufficient reflection – but if it is done without consideration, it can be scrupulously binding, it is not legally obligatory since it is nudum pactum.
I`m Rutherf. Inst. 85; 18 eng.C. L. Rep. 180, note a; Merl. Rep. h.t. 4. When a promise is made, everything that is said at the time must be taken into account; Thus, if a man promises to pay all that he owes, accompanied by a denial that he owes anything, no act will lie to impose such a promise.
15 Wend. 187. 5. And if the promise is conditioned, the condition must be fulfilled before it becomes binding. 7 John. 36. State of the void. Promises are explicit or implicit. Empty Undertaking, and 5 East, 17 2 Leon.
224, 5; 4 B. – A. 595. In contracts, it is essential to commit to a binding legal agreement and is given for remuneration, which encourages making a promise. A promise is illusory if the promisor does not attach itself to anything and therefore brings no consideration to a valid contract. An implied promise is an implied promise that can be inferred from the promisor`s expressions or actions. A promise implied by law may arise if no explicit statement is made, but the party, in equity and justice, is in a legal obligation, as if it had actually made a promise. In the law of commercial paper, a company to pay. There must be more than recognition of a commitment. Coming soon in Research Handbook on Private Law Theories (Hanoch Dagan – Benjamin Zipursky, Eds., 2020).