Promissory estoppel Study guides, Class notes & Summaries

Role of Law in Society Law helps us settle disputes and regulate activity. Stare Decisis Latin for "let the decision stand". Common law Consists of case decisions. Is also called case law or judge-made law. Statutory Law Laws written and passed by legislature and signed by executive. Administrative Law Regulations produced by Federal Agencies. Treaties Agreements between US and foreign country negotiated by president and effective when ratified by 2/3 V...

Law 3220 Clemson Exam 3 – Jahn (2023/2024) Already Passed A contract may be based on a promise not to do something. (T/F) True You return a lost dog to its owner. You did not know a reward was being offered for the dog. You do not have a legal right to the reward. (T/F) True You leave your poodle at a new grooming shop and tell them to wash the dog⎯a $30 service. They do that and also paint the poodle's nails and tie ribbons in his hair⎯these services are an extra $10. You pay them for...

Jackie agrees to pay Ben $1,000 if Ben agrees to not go skydiving for six months. After Ben avoids skydiving for six months, he asks Jackie for payment. Jackie declines to pay Ben the $1,000. The contract between Jackie and Ben: - Answer-will be enforced because Ben exercised forbearance which is legally sufficient consideration. Michael agrees to buy Randy's wheelbarrow for $100. After the agreement is reached but before performance begins, both Michael and Randy agree to terminate the co...

Requirements for a valid contract - -Offer -Acceptance -Consideration -Capacity -Authority Trident v. Austin (2003) - -Austin told Trident that they would come back to them and use them if they won. -Austin did win, but did not go back to Trident -Trident could've offered a backup to their $5.2M. Promissory Estoppel and Detrimental Reliance - an equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her...

CA property & Casualty practice exam Questions and Answers 100% Pass Bob is thinking about obtaining insurance because he just found out he needs extensive surgery that will require several days in the hospital. This situation of waiting until the last minute to obtain insurance is known as: - Correct Answer ️️ -Adverse Selection According to the California insurance law, either party may rescind a contract for any of the following reasons EXCEPT: - Correct Answer ️️ - - Correct A...

what makes a contract irrevocable? - option contract detrimental reliance what is an option contract? - offeror promises to hold offer open for a special period in exchange for consideration what is determinantal reliance (promissory estoppel)? - 1. If Person A reasonable relies on 2. Person's B promise 3. In a way that causes Person A harm, then 4. Person B is estopped form not fulfilling the promise (Person B has kept the promise) what is partial performance? - form of detrim...

Damages are awarded to restore the injured party to the position which existed prior to the contract. correct answer: True What article of the constitution permits limited functions and powers of a judicial nation to person or bodies who are neither courts or judges? correct answer: Article 37 Who is the current DPP correct answer: Claire Loftus A district court judge must retire when he/she reaches the age of? correct answer: 65 The leading case on the concept of Promissory Esto...

Law School Exam Questions with Correct Answers Offer - Answer-1) Manifestation of Present contractual intent 2) is comprised of a promise 3) Bargains for an act, a forbearance to act, or a return promise to be given in exchange Acceptance - Answer-1) unequivocal assent (Note: CL must be mirror image, Under UCC must be made in any reasonable manner) Consideration - Answer-1) That which is bargained for and given in exchange for a promise 2) an act, a forbearance to act, or a return p...

Gold coast chapter 12the instrument that contains the amount of the loan, interest rate, payment provisions, and other terms of the loan is the blank - correct answer Promissory note A mortgage is a blank - correct answer Pledge of security the clause in a mortgage that protects the borrowers interest and requires the lender to acknowledge performance by the borrower is the blank clause - correct answer Defeasance The clause that allows a parcel of property to be sold free and clear o...

Elements of a binding contract correct answers1 .An offer must be made. 2. An acceptance must be given. 3. Something of value must be exchanged (consideration) When is a contract not enforceable? correct answers"illegal," Fraud, Minor Quasi-Contract (unjust enrichment) correct answers- Not necessarily a contract, but enforceable - A party confers a benefit that the second party accepts, would be unjust for the acceptor to keep benefit without paying. Promissory Estoppel correct ans...