Explain the Principle of Promissory Estoppel and How It Relates

question 184

Essay

Explain the principle of promissory estoppel and how it relates to the requirement of consideration in contract law. In your answer, explain any limitations on its availability.

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Definitions:

Net Income

The total earnings of a company after deducting all expenses and taxes from revenue, indicating the company's profit.

Intercompany Profit

Profits that arise from transactions between companies under common control, which may need to be eliminated in consolidated financial statements.

Unrealized Profits

Gains on transactions that have occurred but have not yet been realized through the receipt or payment of cash.

Gross Margin

The difference between revenue and cost of goods sold, which indicates how much a company earns from its core operations.