December 6th, 2011
A naked promise: Another odd concept as well as odd terminology from our society.
“It is said that when one receives a naked promise and such promise is not kept, he is no worse off than he was before the promise is made. He gave nothing for it, loses nothing by it, and upon its breach he suffers no recoverable damage.”
Stonestreet v. Southern Oil Co., 226 N.C. 261, 263, 37 S.E.2d 676, 677 (1946).
Further, “A bare promise, made without consideration, creates no legal rights and imposes no legal obligations. Its fulfillment is a matter of grace or favor on the part of the one making the promise.”