The table below uses data for the year 2003 provided by the Bureau of Labor Statistics and adjusted to be comparable to U.S.data.All values are in thousands.Fill in the blank entries in the table.
Definitions:
Sufficient Consideration
A legal concept indicating that the value exchanged in a contract is recognized as adequate, making the contract binding and enforceable.
Illusory Promise
A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.
Promissory Estoppel
A legal principle that prohibits a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.
Detrimental Reliance
Occurs when a party takes action based on the promise of another, suffering harm as a result when the promising party fails to fulfill their commitment.
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