[]
starfishies
15:27
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
mutual promises
Read a random definition: index lease
A quick definition of mutual promises:
Mutual promises refer to two people making a commitment to do something for each other. It is a type of promise that is legally binding and is the foundation of a contract. A promise is when someone says they will or will not do something, and it is important to keep promises to build trust and respect in relationships.
A more thorough explanation:
Definition: Mutual promises are promises given simultaneously by two parties, each promise serving as consideration for the other. It is a type of bilateral contract where both parties make a commitment to do something.
Example: A hires B to paint his house for $1000, and B promises to complete the job within two weeks. A's promise to pay $1000 is the consideration for B's promise to complete the job within two weeks. Both promises are mutual and serve as consideration for each other.
This example illustrates mutual promises because both parties make a commitment to do something. A promises to pay $1000, and B promises to complete the job within two weeks. Both promises are essential to the contract, and if one party fails to fulfill their promise, the other party can sue for breach of contract.