A written or oral declaration given in exchange for something of value that binds the maker to do, or forbear from, a certain specific act and gives to the person to whom the declaration is made the right to expect and enforce performance or forbearance. An undertaking that something will or will not occur. It is a manifestation of intent to act, or refrain from acting, in a certain manner.
In the law of COMMERCIAL PAPER, an undertaking to pay. It must be more than an acknowledgment of an obligation.
The person who makes the declaration is the promisor. The person to whom the declaration is made is called the promisee.
In contracts, a promise is essential to a binding legal agreement and is given in exchange for consideration, which is the inducement to enter into a promise. A promise is illusory when the promisor does not bind herself to do anything and, therefore, furnishes no consideration for a valid contract.
A promise implied in fact is a tacit promise that can be inferred from expressions or acts of the promisor. A promise implied by law can arise when no express declaration is made, but the party, in EQUITY and justice, is under a legal duty as if he had in fact actually made a promise.