promise

  

Definition

Commitment given by one party (the promisor) to another (the promisee) to carry out or refrain from carrying a specified act or acts. Promises, however, are legally binding only when they are made in a contract or by a deed.

Business Tips

Setting Managerial Compensation

In setting compensation, we like to hold out the promise of large carrots, but make sure their delivery is tied directly to results in the area that a manager controls. When capital invested in an ope ... Read more

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