The Doctrine of _____ Holds That If One or More

question 104

Multiple Choice

The doctrine of _____ holds that if one or more parties made a promise, even orally, he or she cannot renege on that promise if the other party acted on reliance on the promise.

• A) caveat emptor
• B) promissory estoppel
• C) anticipatory breach
• D) consideration
• E) None of the above.

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Definitions:

Subrogation

The legal right held by insurers to pursue a third party that caused an insurance loss to the insured.

Secured

Relating to a loan or obligation that is backed by collateral, ensuring the lender has recourse in case of default by the borrower.

Obligation

A legal or moral duty to do or not to do something, often resulting from a contract or promise.

Subrogation

The process by which one party assumes the legal rights of another party to collect a debt or claim.