The Law Dictionary for Everyone
When someone is acting in “good faith,” it means that he is acting with honest intent, and is expected to be honest and to keep his promises without taking advantage of someone else. It is also expected that he will not hold the other party to an impossible standard. Good faith is a necessary element in a variety of situations, […]
Read moreA contract containing a statement that gives the person making a promise no actual obligation to fulfill the promise is considered an “illusory promise,” or “illusory contract.” The language in this type of agreement is indefinite and unclear, making it uncertain whether the promising party must perform even if paid or compensated by the other party. This type of agreement […]
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