Sigmund enters into a contract with Carl. The terms are that Sigmund will purchase all the gasoline that he wants to purchase in 2011, at a price of $2.50 per gallon, and Carl agrees to sell on those terms. This is an example of a(n):

Question

Quizplus · Accepted Answer

This is an example of an illusory promise because Sigmund can purchase as much or as little gasoline as he wants, making the promise one-sided and lacking consideration. As a result, this contract may not be enforceable.

Sigmund Enters into a Contract with Carl