Give an account of the doctrine of promissory estoppel
What will be an ideal response?
Promissory estoppel is an equity doctrine that permits a court to order enforcement of a contract that lacks consideration. Promissory estoppel is applied to avoid injustice. It is usually used to provide a remedy to a party who has relied on another party's promise, but that party has withdrawn its promise and is not subject to a breach of contract action because consideration is lacking. The doctrine of promissory estoppel prevents the promisor from revoking his or her promise based on lack of consideration. Therefore, the person who has detrimentally relied on the promise for performance may sue the promisor for performance or other remedy the court feels is fair to award in the circumstances.
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Achieving profitability will automatically assure sufficient amounts of cash
a. True b. False Indicate whether the statement is true or false
If $30,000 is invested for one year at an annual interest rate of 13%, it will grow in value to ________.
A) $33,900 B) $36,208 C) $3900 D) $32,308
Which of the following is NOT an underlying trait of character of an effective leader identified by Johnson?
A. Reverence B. Temperance C. Confidence D. Compassion
Haylock Inc. bases its manufacturing overhead budget on budgeted direct labor-hours. The direct labor budget indicates that 7200 direct labor-hours will be required in August. The variable overhead rate is $1.80 per direct labor-hour. The company's budgeted fixed manufacturing overhead is $100,380 per month, which includes depreciation of $8970. All other fixed manufacturing overhead costs represent current cash flows. The August cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:
A. $104,370 B. $113,340 C. $12,960 D. $91,410