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Understanding Unconditional Promise in Legal Terms
Definition & Meaning
An unconditional promise is a commitment that does not depend on any conditions or qualifications. When one party makes an unconditional promise, they are obligated to fulfill that promise regardless of whether the other party has met their own obligations under the agreement. This type of promise is also known as an independent promise.
In the context of negotiable instruments, such as checks or promissory notes, a promise or order is considered unconditional if it does not specify any conditions for payment, is not subject to another document, or does not have its rights or obligations defined elsewhere.
Table of content
Legal Use & context
The term "unconditional promise" is primarily used in contract law and the law governing negotiable instruments. It is relevant in various legal contexts, including:
Contract disputes
Negotiable instruments, such as checks and promissory notes
Real estate transactions
Users can manage some aspects of these transactions using legal templates provided by US Legal Forms, which are designed by qualified attorneys.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A contractor agrees to build a house for a homeowner for a fixed price. The contractor's promise to complete the house is unconditional, meaning they must fulfill this obligation regardless of whether the homeowner has made the payment on time.
Example 2: A bank issues a promissory note to a borrower, stating that the bank will pay a specified amount on demand. This promise is unconditional as it does not depend on any other conditions. (hypothetical example)
Relevant laws & statutes
In the United States, the Uniform Commercial Code (UCC) governs negotiable instruments and outlines the criteria for unconditional promises. Specifically, UCC § 3-106 addresses the nature of promises or orders in this context.
Comparison with related terms
Term
Definition
Key Difference
Conditional Promise
A promise that depends on a specific condition being met.
Unlike an unconditional promise, it cannot be enforced until the condition is satisfied.
Independent Promise
Another term for an unconditional promise.
These terms are interchangeable and refer to the same legal concept.
Common misunderstandings
What to do if this term applies to you
If you find yourself involved in a situation concerning an unconditional promise, consider the following steps:
Review the terms of the promise carefully to understand your obligations.
Consult with a legal professional if you have questions or concerns about enforcement.
Explore US Legal Forms for templates that may assist you in drafting or responding to such promises.
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