(Answered) : 1. Not all promises are contracts. / Choose [ True or False ] > True = All promises don’t qualify as contracts, as there may

1. Not all promises are contracts. / Choose [ True or False ]

> True = All promises don’t qualify as contracts, as there may or may not be a consideration with them. / In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and,therefore, furnishes no consideration for a valid contract.Thus a promise without a consideration is not a contract

> False = Not all promises are contracts All the