In January, Alex promised to pay Y-K Inc. $5,000 if it would refrain from filing suit against him on a breach of contract action. Y-K agreed and accepted a $5,000 check from Alex. Which of the following statements is correct?
A. Y-K's promise to refrain from suing Alex was not supported by legal consideration.
B. Y-K's promise to refrain from suing Alex was supported by legal consideration and is enforceable.
C. This is an accord and satisfaction, and Y-K cannot sue.
D. The courts would apply promissory estoppel in this situation.
Answer: B
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Compare the following statements and select the one that accurately describes a company that is practicing supply chain management.
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A. Megabyte B. Terabyte C. Gigabyte D. Kilobyte