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Week 6 Contracts (Illusory) - a Fall under UCC 3...

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Week 6 Contracts (Illusory Promises) Illusory Promises - What makes Promises Illusory (No definite definition) o A promises is illusory if it does not restrict the promisor’s future right of action o A promise is illusory if it gives the promisor unfettered discretion to perform or not perform the promise; or o A promise is illusory if it does not restrict the promisor’s autonomy - Strong v. Sheffield o Case Brief 8 recurring facts 1) Requirement K a. Fall under UCC 2) Output Ks
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Unformatted text preview: a. Fall under UCC 3) Satisfaction clauses a. Under good faith and reasonable person 4) Termination clauses a. If there is no notice, then it’s illusionary 5) Loans a. No problem if loan is extendeding w/ creditor. b. Or forebear collection of suit c. Or any other change d. As long as lender also have to give up something 6) Conditions based on events outside control of the speaker. a. Lotto 7) Duty of good faith 8) Duty of reasonable efforts...
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