This Occurs When a Party Takes Action in Reliance on the Promise

question 23

Multiple Choice

This occurs when a party takes action in reliance on the promise of another,who then breaks that promise.

• A)promissory estoppel
• B)intentional interference with a contractual relationship
• C)retaliation for an act supporting public policy
• D)none of these

Comprehend the concept of product liability and the duty of manufacturers towards consumers.

Assess liability in situations involving recreational activities and associated waivers or releases.

Evaluate the standard of care expected of professionals and service providers.

Distinguish between negligence, strict liability, and intentional torts in determining liability.

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Definitions:

Indirect Method

A way of reporting net cash flows from operating activities in a cash flow statement by starting with net income and adjusting it for changes in balance sheet items.

Operating Activities

Business activities related to the core functions of a company including production, sales, and delivery of the company’s products and services.

Gain

A financial gain occurs when the selling price of an asset exceeds its purchase price, resulting in a positive difference.

Indirect Method

The indirect method is a way of calculating cash flow from operating activities for the cash flow statement by adjusting net income for changes in non-cash accounts.