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Explain Any Limitations on the Availability of Promissory Estoppel

question 98

Essay

Explain any limitations on the availability of promissory estoppel.


Definitions:

Financial Distress

A situation where a company is struggling to meet its financial obligations and is at risk of bankruptcy.

Receivables

Receivables are amounts owed to a business by its customers for goods or services delivered on credit, considered a current asset on the balance sheet.

Day-to-Day Operations

The routine activities that are necessary for a business or organization to function efficiently on a daily basis.

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