Promisor


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PROMISOR. One who makes a promise.
     2. The promisor is bound to fulfill his promise, unless when it is contrary to law, as a promise to steal or to commit an assault and battery; when the fulfillment is prevented by the act of God, as where one has agreed to teach another drawing and he loses his sight, so that he cannot teach it; when the promisee prevents the promisor from doing what he agreed to do; when the promisor has been discharged from his promise by the promisee, when the promise, has been made without a sufficient consideration; and, perhaps, in some other cases, the duties of the promisor are at an end.

References in periodicals archive ?
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.
Through their unique Quick Buy Leaseback[TM] program, Promisor Residential clients enjoy fewer restrictions and distinct advantages over a traditional reverse mortgage.
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.
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").