What Damages Are Recoverable in a Case of Promissory Estoppel

question 3

Multiple Choice

What damages are recoverable in a case of promissory estoppel?

• A) profits that the promisor expected
• B) profits that the promisee expected
• C) an amount necessary to restore the promisee to the position he or she would have been in had the promisee not relied on the promise
• D) an amount necessary to restore the promisor to the position he or she would have been in had the promisor not relied on the promise

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Definitions:

Shares

Units of ownership in a company or financial asset, providing a proportion of the profits and losses.

Credit Sales

Transactions in which goods or services are provided to a customer with the agreement that payment will be made at a later date.

Financial Statements

Papers detailing a corporation's fiscal health through various financial records such as balance sheets, income statements, and cash flow reports.

Small Co.

A colloquial term generally referring to a small company or corporation with limited resources and market share.