Which of the Following Is True About a Promissory Estoppel

question 9

Multiple Choice

Which of the following is true about a promissory estoppel?

• A)It is invoked in cases having option contract infringements.
• B)It permits a court to order enforcement of a contract that lacks consideration.
• C)It allows for a party to claim goods, which were revoked, for which it has already paid consideration.
• D)It is invoked in cases that involve a promissory note to pay considerations at a later time.

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Definitions:

Business Combination

An event in which multiple entities combine to form a single entity, typically to enhance competitive positioning and operational efficiency.

Acquisition

The process of obtaining ownership or control of another company or business entity.

Deferred Tax Liability

It's a tax obligation that arises from income already earned and recorded for accounting purposes, but payment is deferred to the IRS until a future date.

Subsidiary

An entity that is controlled by a higher entity, usually through majority shareholding, and is included in the financial statements of the controlling entity through consolidation.