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contracts--in other words, that courts are sympathetic to promisees who
To customers, Islamic bank being the promisee does not have any commitment to the FX transactions.
The definition of consideration in Section 2(d) requires, in the first place, that the act or abstinence, which is to be a consideration for the promise, should be done at the desire of the promisor; secondly that it should be done by promisee or any other person and lastly, that the act or abstinence may have been already executed or is in the process of being done or may be still executory, that is to say, it is promised to be done.
met, a promissory estoppel is raised in favour of the promisee.
Vows, on the contrary, are not obligations to anybody; there is no "vowee" as there is a promisee .
7) in that there could be said to be a "practical benefit" to the promisee in a promise to perform a pre-existing legal duty which could constitute consideration in certain factual circumstances.
that a promisee will either form incorrect circumstance-specific
However, the SAC says no consideration (or fee) is allowed to be charged on the promisee in view that upfront cash payment for forward currency transaction would lead to a bilateral Wa'd which is not allowed by Shari'ah.
shifting defection costs from promisee to promisor or, as in the case of
399, 402 (2008) ("[T]he efficient breach doctrine seems to encourage the breaching of promises and assuming away the harder questions of when it might be appropriate for the promisor and promisee to take a second look at their respective rights and duties.
1) A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise.
Other nonconventionalist accounts make problematic concessions to the conventionalist's core instincts, including embracing: the view that binding promises must involve the promisee's belief that performance will occur; the view that through the promise, the promisee and promisor create a shared end; and the tendency to take promises between strangers, rather than intimates, as the prototypes to which a satisfactory account must answer.
promisees; if contractual duties survive the promisee, they always pass
situation where to do otherwise would do greater harm to the promisee (the labor union and its members), but only on the theory that the