What Is A Mutual Promise Or Agreement

By October 14, 2021 Uncategorized No Comments

Contract law is generally subject to the common law of States, and although general contract law is common throughout the country, some specific judicial interpretations of a particular element of the treaty may vary from State to State. Mutual promises are a good consideration for maintaining an agreement. [Operations Mgmt. Int`l, Inc.c. Tengasco, Inc., 35 F. Supp. 2d 1052 (E.D. Tenn. 1999)]. This is another apparent exception to the reciprocity rule. Since the obligation to do one`s best is implied and enforceable, both parties are bound by the agreement and there is reciprocity of consideration.

Another exception is that partial payment of the debt by a third party in exchange for a promise to relieve the creditor of the entire amount prevents the creditor from suing the debtor for full payment (see Welby v. Drake).

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