Applying Practical Wisdom Is A/an in Which We Reflect on Circumstances

question 34

Multiple Choice

Applying practical wisdom is a/an in which we reflect on circumstances and apply our wisdom to a specific case.

• A) Virtue
• B) Act
• C) Thinking process
• D) Both a and c

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Definitions:

Promissory Estoppel

An equitable doctrine that protects those who foreseeably and reasonably rely on the promises of others by enforcing such promises when enforcement is necessary to avoid injustice, even though one or more of the elements normally required for an enforceable agreement is absent.

Merchants

Individuals or businesses engaged in the trade of goods, services, or commodities for profit.

Nonmerchants

Individuals or entities that do not regularly engage in selling goods or services and therefore may not be held to the same standards as merchants in commercial transactions.

UCC

stands for Uniform Commercial Code, a comprehensive set of laws governing all commercial transactions in the United States.