An Idea Is a Thought, Impression, or Notion

question 66

True/False

An idea is a thought, impression, or notion. It may or may not meet the criteria of an opportunity.

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another, when the latter has reasonably relied on that promise to their detriment.

Consideration

A crucial element in contract law, referring to something of value promised to another when forming a contract.

Bilateral Contracts

Contracts involving two parties where each party makes a promise to the other.

Unilateral Contracts

Contracts in which one party makes a promise in exchange for an act by the other party.