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.
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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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