Famous Chef told Shrimp Boat Captain: I will buy your catch if I think the shrimp are large enough." What is the status of this promise?
a. This is a valid promise because the chef must make the decision in good faith.
b. This is a valid promise because size is a quantifiable term.
c. This is an illusory promise because the chef has complete control over whether or not he will keep the promise.
d. This is an illusory promise for a contract but a valid promise for promissory estoppel.
Ans: a. This is a valid promise because the chef must make the decision in good faith.
Business