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A Noncontractual Promise May Be Enforceable Where There Has Been

question 40

True/False

A noncontractual promise may be enforceable where there has been justifiable reliance on the promise.


Definitions:

Amortization

The gradual reduction of a debt over a period of time through regular payments that cover parts of both principal and interest.

Interest Expense

The cost incurred by an entity for borrowed funds, reflected as a charge against earnings.

Installment Payments

Periodic payments made over a set period of time to pay off a loan or purchase.

Fixed Interest Rate

An interest rate on a liability, such as a loan or mortgage, that remains the same throughout the term of the loan.

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