The Doctrine of Promissory Estoppel Is Not an Equitable Exception

question 120

True/False

The doctrine of promissory estoppel is not an equitable exception to the strict application of the Statute of Frauds.

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Definitions:

System 2

A concept from cognitive psychology that refers to the deliberate, analytical, and slow way of thinking, as opposed to quick, instinctual decisions.

Endowment Effect

The tendency for people to value something more highly simply because they own it.

Behavioral Economics

A field of economics that studies how psychological, social, cognitive, and emotional factors affect the economic decisions of individuals and institutions and the consequences for market prices, returns, and resource allocation.

Availability Heuristic

An intellectual simplification employed when the examples readily thought of are used to assess a particular matter, notion, method, or judgement.