promise
A promise is assurance of intent by a person or entity to complete an action or refrain from doing the action. A promise may be an action in exchange for a good or service, a payment, or delivery. For example, when a person pre-orders a birthday cake. The consumer promises to pay the baker for the cake, as long as the baker provides the birthday cake. A court’s decision to enforce a promise is governed by the law of contracts, which includes an offer and acceptance, meeting of the minds between the parties, and consideration, among other factors.
[Last reviewed in January of 2025 by the Wex Definitions Team]
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