promissory obligation

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I conclude by distinguishing two theories of promissory obligation, a widely held view which I call the information interest theory and an alternative which I call the authority interest theory.
Does Thomas Scanlon's careful "moral principle" account of promissory obligation account for a promisee's rights?
The Company will receive cash proceeds of $1,300,000, and approximately $1,075,000 in previously issued short-term promissory obligations were exchanged for the new Debentures.