Retailers Address the Conflict Between Consumers Wanting or Needing Only

question 139

Multiple Choice

Retailers address the conflict between consumers wanting or needing only one item and manufacturers wanting to produce and ship in quantity by providing

• A)reciprocity.
• B)simplicity.
• C)discounting.
• D)storage.
• E)extreme value labeling.

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Definitions:

Promissory Estoppel

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

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.