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LSDefine

Simple English definitions for legal terms

illusory contract

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A quick definition of illusory contract:

An illusory contract is an agreement between two or more parties that seems like a real contract, but one party doesn't actually have to do anything. This means that the contract isn't really enforceable or legally recognized. It's like making a promise that you don't have to keep. Sometimes people use the word "contract" to refer to the written document that shows the agreement, but that's not really what makes a contract real or not.

A more thorough explanation:

An illusory contract is a type of contract that appears to be binding, but in reality, it is not. It is a contract that lacks consideration, which means that one party is not obligated to do anything. Therefore, the contract is not enforceable by law.

For example, if a company offers a job to an employee but reserves the right to terminate the employment at any time without cause, the contract is illusory. The employee is obligated to work for the company, but the company is not obligated to keep the employee employed. Therefore, the contract is not enforceable.

Another example of an illusory contract is a contract that gives one party the option to cancel the contract at any time. For instance, if a person signs a contract to buy a car but has the option to cancel the contract within 24 hours, the contract is illusory. The buyer is not obligated to buy the car, and the seller is not guaranteed a sale.

In both examples, the contracts lack consideration, which is a necessary element of a binding contract. Therefore, they are illusory contracts and not enforceable by law.

Illusory Appointment Act | illusory tenant

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[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
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