Which of the Following Is Not a Necessary Element of Promissory

question 6

Multiple Choice

Which of the following is not a necessary element of promissory estoppel?

• A) The promisor and the promisee must engage in a bargained-for exchange.
• B) The promisor must intend or should reasonably expect that the promisee will rely on the promise.
• C) The promisee must in fact rely on the promise in some definite and substantial manner.
• D) Enforcement of the promise is the only way to avoid injustice.

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Definitions:

Differentiated

Describes products or services that are distinct from those of competitors in at least one aspect, as perceived by the market.

Pricing Strategy

An approach or plan used by a business to determine the best price for its products or services to maximize profits and meet market demands.

Oligopoly

A market structure characterized by a small number of firms controlling a large portion of the market share, leading to limited competition.

Marginal Cost

Marginal cost refers to the variation in total production expenses when there is an increase of one unit in the quantity produced.