What is the definition of a promisor?

A promisor is defined as the party obligated to perform a promise in a contract. This terminology is essential in contract law as it clearly identifies the individual or entity that has made a commitment to fulfill certain obligations as specified in the agreement. In this context, the promisor is the party who is responsible for delivering what was promised, whether that be a service, goods, or some other form of consideration.

The other choices do not accurately capture the essence of a promisor. For instance, the party entitled to receive performance belongs to the category of a promisee, who is the counterpart in the contract and stands to benefit from the promisor's performance. The option regarding modifying the contract pertains to authority rather than obligation and does not specifically relate to the role of the promisor. Lastly, while the party who initiates the contract may play a significant role, that function does not equate to the obligations of the promisor in accordance with the terms of the contract. Therefore, focusing on the fundamental role of the promisor clarifies their essential duty within the framework of contract law.