An illusory contract lacks consideration because one side actually agrees to suffer no "detriment."

Question

Quizplus · Accepted Answer

In an illusory contract, one party agrees to do something, but their promise is not binding because it lacks consideration. Consideration is the exchange of something of value between the parties to the contract. If one party agrees to "suffer no detriment," then they are not giving anything of value in exchange for the other party's promise. Therefore, the contract lacks consideration and is illusory.

An Illusory Contract Lacks Consideration Because One Side Actually Agrees