A contract into which both parties enter but in which one or both of the parties can choose not to perform their contractual obligations is known as a(n)________.

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An illusory promise is a promise that appears to be binding but actually leaves one or both parties with an option to cancel or not perform their obligations. This type of contract lacks consideration because one party has not promised anything definite or final, and therefore lacks mutuality of obligation.

A Contract into Which Both Parties Enter but in Which