Asked by
Mahima Goyal
on Nov 29, 2024
Verified
Matt says to Lynn, "If you will mow my lawn, I will give you $20." Lynn replies, "O.K." Under these facts, each party is a promisor and each party is a promisee.
Promisor
The individual or party in a contract who makes a promise to perform an act or service.
Promisee
The party in a contract to whom a promise is made by another party (the promisor), and who stands to benefit from the fulfillment of that promise.
- Acquire knowledge on the critical conditions for a legally binding agreement, which encompass mutual assent, consideration exchange, legality of purpose, and the competence to contract.
Verified Answer
NR
Learning Objectives
- Acquire knowledge on the critical conditions for a legally binding agreement, which encompass mutual assent, consideration exchange, legality of purpose, and the competence to contract.