Which statement is true regarding illusory promises?
A) Illusory promises are not consideration.
B) Illusory promises are consideration.
C) Illusory promises qualify as consideration only when past consideration is at issue.
D) Illusory promises qualify as consideration only when promissory estoppel is at issue.
E) Illusory promises are consideration only when a sale of goods is involved.

Question

Quizplus · Accepted Answer

Illusory promises are not considered valid consideration because they do not actually commit the promisor to any course of action or obligation. In contract law, for a promise to constitute consideration, it must involve a commitment that leads to a legal detriment or benefit, which illusory promises fail to provide.

Which Statement Is True Regarding Illusory Promises