Raz characterizes the fact in virtue of which promissory reasons obtain as being something that the promisor
gives to the promisee by making the promise, namely an opportunity to develop an interest in the performance.
(32) The promisor
will perform unless the benefit of breaching exceeds his liability in damages.
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For this reason, courts are quite properly prone to examine the context to conclude that the escape hatch was intended to be taken only 'in good faith' or in the 'exercise of a reasonable discretion' or upon some other condition not wholly within the control of the promisor
.") (quoting 1 Corbin, Contracts, [section] 1.17).
1981) ("The traditional goal of the law of contract remedies has not been compulsion of the promisor
to perform his promise but compensation of the promisee for the loss resulting from breach."); Nicolas Cornell, A Complainant-Oriented Approach to Unconscionability and Contract Law, 164 U.
acting--or forbearing--based on the reliance that a promisor
The arguments catalogued thus far in favor of the second view draw attention to particular ways that the norms of contract law require different things of a promisor
than the norms of morality.
Indeed, where a promisor
, with full knowledge of all the material circumstances, agrees to accept a lesser sum in payment of a debt, which in turn represents at least a substantial part of the sum originally owing, the promise should be binding unless the promisee has engaged in economic duress or has otherwise misrepresented his true financial position.
CONSIDERATION: A performance or return promise that is the inducement to a contract because it is sought by the PROMISOR
in exchange for his promise and is given by the PROMISEE in exchange for that promise.
been made, the promisor
is bound, and when neither believes that a
This is true even with regard to a person whom the promisor
pledges to help but is not the one to whom the promise is made.
Schwartz, supra note 249, at 369 (explaining that the remedial scheme allows a promisor
to "purchase her freedom").