Discuss the requirements of promissory estoppel
Promissory estoppel is an equitable remedy that requires the plaintiff to establish that the defendant made a promise upon which plaintiff relied and the only way to avoid injustice is to enforce the promise. This doctrine allows courts to enforce a promise even when there is no contract.
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Which of the following is an accurate statement about a proposal?
A. Presenting the qualification of personnel involved in the proposal is irrelevant. B. The summary is always at the end of the proposal. C. Page design features add to the effectiveness of the proposal. D. Methodologies should be kept vague to protect trade secrets.
According to the textbook, ethics ______.
A. doesn’t always give a clear answer to a moral question B. correlates 100% with business profits C. is never a matter of perception D. is the third most important aspect of leadership
The Federal Trade Commission (FTC) holder in due course (HDC) rule applies when a buyer ________
A) signs a sales contract that includes a check B) signs a sales contract that includes a promissory note C) signs an installment sales contract that does not contain a waiver of defenses clause D) arranges financing with a third-party lender
Erie Company reports the following comparative balance sheets and income statement information for the current year. Comparative Balance Sheets 12/31/201512/31/2016Assets Cash $96,000? $ 56,000 Accounts receivable 40,000? 24,000? Prepaid insurance 40,000? 48,000? Inventory 16,000? 32,000? Property, plant & equipment 48,000? 56,000? Total Assets $ 240,000 $216,000? Liabilities and Stockholder's Equity Accounts payable $ 56,000 $40,000? Salaries payable 24,000? 48,000? Long-term notes payable 32,000? 40,000? Common stock 28,000? 28,000? Retained earnings 100,000? 60,000? Total Liabilities and Stockholders'
Equity $ 240,000 $216,000? 2016 Income StatementRevenue$320,000? Cost of goods sold (168,000)? Gross margin 152,000? Operating expenses (88,000)? Net income$64,000? What was the cash received from customers during the year? A. $280,000 B. $336,000 C. $296,000 D. $320,000