Discuss How and Why Promissory Estoppel Might Come into Play

question 73

Essay

Discuss how and why promissory estoppel might come into play when a contract is being discharged or changed by agreement.

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Definitions:

Prestige Pricing

A pricing strategy where goods are priced higher than their objective market value to give them an appearance of luxury and quality.

Price Lining

is a pricing strategy where products are sold at a limited number of price points, each representing a distinct level of quality or features.

Odd-even Pricing

A pricing strategy involving setting prices so they end in an odd or even number to influence perception of value.

Price Lining

A pricing strategy where products or services are grouped into different price ranges based on features or quality levels.