Examlex
Identify and state the historical significance of the following:
-William Howard Taft
Reasonable Reliance
A principle where a party acts based on the representation or promise of another, believing it to be true.
Bilateral Contract
An agreement involving two parties where each promises to perform an act in exchange for the other's act.
Unilateral Contract
A contract where one party makes a promise in exchange for an act by another party, which upon performance, binds the first party to its promise.
Promissory Estoppel
A law that stops someone from going back on a commitment they've made to another if the second party has trusted this promise to their own disadvantage.
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