What Is the Meaning of the Statement "Promissory Estoppel May

question 3

Multiple Choice

What is the meaning of the statement "Promissory estoppel may be used as a shield and not as a sword" with respect to the classical application of the common law doctrine of promissory estoppel?

• A) The doctrine is unavailable as a defence in a lawsuit.
• B) The doctrine is unavailable as the basis for a lawsuit.
• C) The doctrine is unavailable to a person who has made a promise.
• D) The doctrine is unavailable to a person who has broken a promise.

Understand the concept of utility functions and how they represent preferences.

Analyze how different utility functions lead to different preference structures (convex, nonconvex, and linear).

Distinguish between different types of preferences such as perfect substitutes, perfect complements, and others.

Calculate utility levels for given bundles and identify preferred bundles.

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