a promise in exchange for a promise is an example of
contract
title: Promise text: Promise A promise is a commitment by someone to do or not do something. As a noun "promise" means a declaration assuring that one will or will not do something. As a verb it means to commit oneself by a promise to do or give. It can also mean a capacity for good, similar to a value that is to be realized in the near future. In the law of contract, an exchange of promises is usually held to be legally enforceable, according to the Latin maxim "pacta sunt servanda". There are lots of types of promises. There are solemn title: Promise text: then B would be entitled to restitution of his deposit plus the $1,000. A contract may consist of mutual undertakings, as in the example just given, where A agreed to deliver a car and B agrees to pay for it. Such contracts are known as bilateral contracts. But a contract may only give rise to an undertaking by one party, as where A agrees to pay B if B finds a particular car which A has been trying to acquire. B is under no duty to search but would be entitled to payment if she finds the car. Oath: Individuals title: Promise text: to act or refrain from acting in a specified way at some point in the future. It's communicated by one party, to at least one additional party, to signify a commitment has been made. The person manifesting intent is the Promisor. The person to whom the manifestation is addressed is the Promisee. In law, contracts are created by a process of offer and acceptance. An offer to enter into a binding contract consists of an indication by the Oferror to be legally bound by the terms indicated in the offer once the person to whom the offer is addressed, the title: Contract text: the parties is interpreted objectively from the perspective of a reasonable person, as determined in the early English case of "Smith v Hughes" [1871]. It is important to note that where an offer specifies a particular mode of acceptance, only an acceptance communicated via that method will be valid. Contracts may be bilateral or unilateral. A bilateral contract is an agreement in which each of the parties to the contract makes a promise or set of promises to each other. For example, in a contract for the sale of a home, the buyer promises to pay the seller $200,000 in title: Promise theory text: Promise theory Promise Theory, in the context of information science, is a model of voluntary cooperation between individual, autonomous actors or agents who publish their intentions to one another in the form of promises. It is a form of labelled graph theory, describing discrete networks of agents joined by the unilateral promises they make. A promise is a declaration of intent whose purpose is to increase the recipient's certainty about a claim of past, present or future behaviour. For a promise to increase certainty, the recipient needs to trust the promiser, but trust can also be built on the verification