The Doctrine of Promissory Estoppel

question 25

Multiple Choice

The doctrine of promissory estoppel:

• A)can be used to commence a civil action but not as a defence to a civil action.
• B)can be used to either commence or defend a civil action.
• C)can be used as a defence to a civil action,but not to commence a civil action.
• D)all of the above.

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Definitions:

Cosureties

Cosureties are multiple parties that collectively agree to be surety, sharing the liability and responsibility for fulfilling the principal's obligations.

Absolute Sureties

Individuals or entities that guarantee the performance of a debtor or contractual obligations without any conditions.

Financing Statement

A document filed by a creditor to indicate a security interest in the assets of a debtor, typically used in secured transactions.

Trade Name

The commercial name under which a business operates and is known to the public, distinct from the business's legal name.