Promise


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Promise

A written or oral declaration given in exchange for something of value that binds the maker to do, or forbear from, a certain specific act and gives to the person to whom the declaration is made the right to expect and enforce performance or forbearance. An undertaking that something will or will not occur. It is a manifestation of intent to act, or refrain from acting, in a certain manner.

In the law of Commercial Paper, an undertaking to pay. It must be more than an acknowledgment of an obligation.

The person who makes the declaration is the promisor. The person to whom the declaration is made is called the promisee.

In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and, therefore, furnishes no consideration for a valid contract.

A promise implied in fact is a tacit promise that can be inferred from expressions or acts of the promisor. A promise implied by law can arise when no express declaration is made, but the party, in Equity and justice, is under a legal duty as if he had in fact actually made a promise.

promise

1) n. a firm agreement to perform an act, refrain from acting, or make a payment or delivery. In contract law, if the parties exchange promises, each promise is "consideration" (a valuable item) for the other promise. Failure to fulfill a promise in a contract is a breach of the contract, for which the other party may sue for performance and/or damages. 2) v. to make a firm agreement to act, refrain from acting, or make a payment or delivery. (See: contract, consideration)

PROMISE, contr. An engagement by which the promisor contracts towards another to perform or do something to the advantage of the latter.
     2. When a promise is reduced to the form of a written agreement under seal, it is called a covenant.
     3. In order to be binding on the promisor, the promise must be made upon a sufficient consideration -- when made without consideration, however, it may be binding in foro conscientice, it is not obligatory in law, being nudum pactum. Rutherf. Inst. 85; 18 Eng. C. L. Rep. 180, note a; Merl. Rep. h.t.
     4. When a promise is made, all that is said at the time, in relation to it, must be considered; if, therefore, a man promise to pay all he owes, accompanied by a denial that he owes anything, no action will lie to enforce such a promise. 15 Wend. 187.
     5. And when the promise is conditional, the condition must be performed before it becomes of binding force. 7 John. 36. Vide Condition. Promises are express or implied. Vide Undertaking, and 5 East, 17 2 Leon. 224, 5; 4 B. & A. 595.

References in periodicals archive ?
11 PROMISE: We will electrify main North rail routes.
"To Break a Promise" is from The Sea in You: Twenty Poems
From there, users can create action, promise, or even challenge a friend, family member, colleague or a group (company, administration) on their own promise all from one platform.
"Thank you to all of the visitors of the event and to our partners who shared their expertise of the video surveillance market," said John van den Elzen, General Manager, Surveillance Business Unit, Promise Technology.
Over the past few weeks, Keep the Promise officials held meetings with Perry in Texas to discuss his role in their efforts, Barnett said.
Underlying such promise programs is the belief that having access to a guaranteed college scholarship will encourage students to remain in school, encourage families to remain in a community, and change how educators work with students.
Whether a company is product- or service-oriented, its brand promise lives and dies by its employees and their ability to consistently act on it.
Today we hear of promises made and promises fulfilled--always in a surprising way.
Because admission to and graduation from more-demanding colleges requires students to have stronger academic preparation, the tuition benefits of the Promise also have the potential to encourage students to work harder and achieve more in high school.
Ethan Rutherford, 15 said: "It's great that a new alternative promise that is suitable for atheists has been announced.
Why is it so hard to say the truth, why can't we commit when we give promises? Presidents promise nations, managers promise employees, teachers promise students and parents promise kids!
I promise not to get upset when I see them going in the contrary direction of the street and they fight with me to let them go even if I have to go back in reverse.