In What Ways Are the Use of Seals and the Doctrine

question 42

Multiple Choice

In what ways are the use of seals and the doctrine of promissory estoppel similar?

• A) Both are ways to create contracts.
• B) Both may render a gratuitous promise enforceable.
• C) Both may be arbitrarily revoked.
• D) Both are exceptions to the rule that offers lapse after a reasonable period of time.

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Definitions:

Duties Under Tort Law

Obligations recognized by law for individuals or entities to avoid causing harm or injury to others, breach of which may result in liability.

Agent

A person authorized to act on behalf of another, known as the principal, in business transactions or legal matters.

Principal

The main party to a transaction or contract who has authorized another party (agent) to act on their behalf.

Duty Of Obedience

The requirement for directors, officers, and agents of a corporation to act within the scope of their authority and in the best interest of the corporation.