Illusory Promises | Contract Law | Consideration | Formation

This lesson covers illusory promises—where a promisor purports to make a promise but in fact hasn't commitment to do anything. As such, illusory promises don't satisfy the element of consideration.

Chapters
00:00 - Introduction
01:11 - Restatement Definition of an Illusory Promise
02:34 - Elements of an Illusory Promise
03:00 - Example One - Illusory Promise
04:59 - Example Two - NOT an Illusory Promise
07:43 - Example Three, Requirements Contract - Illusory Promise (at least when analyzed under the common law)
10:09 - Commons vs. UCC - What law governs?
13:40 - Example Three, Requirements Contracts - NOT Illusory Promise (when analyzed under the UCC as it should be)
19:19 - Wrap up

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