224, 5; 4 B. &A. 595. Sometimes the line between the occasional promise and the contractual offer is much thinner than we think. Companies need to be careful about what they offer to employees, partners and others, as even an innocent statement can be interpreted as a contract. Contact a local lawyer to discuss your agreements and other contractual issues. 1) n. a firm agreement of performance, omission or payment or delivery. When the parties exchange commitments in contract law, any promise is a “counterparty” (a valuable object) for the other promise. The non-performance of a promise in a contract is an offence for which the other party may claim benefits and/or damages. (2) to conclude, act, refrain or make a payment or delivery. . .