Certified Residential Appraiser Practice Exam

What is a promise in legal terms?

1. An agreement to negotiate

2. A firm commitment to perform an act

3. A verbal agreement without legal standing

4. A promise made under duress

The correct answer is: A firm commitment to perform an act

In legal terms, a promise is understood as a firm commitment to perform an act. This reflects the essential characteristics of a promise, which involves an assurance by one party to another that a certain action will be carried out. Legally, this concept often forms the basis of contracts, where one party's promise becomes enforceable by the other party. This enforceability is what differentiates a mere statement of intent or hope from a true promise that creates rights and obligations under the law. A promise must contain specific elements: it should include the offer of a commitment and an intention to bind oneself to that commitment. This ensures that the promise is not merely casual or informal but carries the weight of legal consideration. In contrast, other options present more ambiguous or non-binding forms of agreement, which do not adequately capture the legal robustness of a promise.