A contract into which both parties enter but in which one or both of the parties can choose not to perform their contractual obligations is known as ________.
A) illusory promise
B) gift promise
C) preexisting duty
D) illegal consideration

Question

Quizplus · Accepted Answer

An illusory promise is a contract where one or both parties can choose not to perform their obligations. This means that one party has no obligation to fulfill its part of the bargain, so the promise is "illusory."

A Contract into Which Both Parties Enter but in Which