illusionary contract

illusionary contract definition - business

illusionary contract

An agreement that is so vague it does not bind either party and cannot be enforced in court. For example, a customer tells the owner of an appliance store he may return and purchase the dishwasher later that day.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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