Which of the Following Is True Regarding Promissory Estoppel

question 69

Multiple Choice

Which of the following is true regarding promissory estoppel?

• A)It requires reasonable reliance on the promisor's promise.
• B)It requires a written promise.
• C)It requires consideration.
• D)It applies only when one party is a merchant.

Grasp the concept of forestalling and its application in addressing objections early.

Comprehend various methods for handling objections, including compensation and dodge methods.

Acknowledge the significance of asking for the order after addressing objections.

Identify the role of proof statements in responding to objections.

---

Definitions:

Market Rate

The prevailing interest rate available in the marketplace for loans and deposits, influenced by supply and demand, the central bank’s policy, and other factors.

Interest Expense

An accounting item representing the charge for the use of borrowed funds, affecting an organization's net income.

Note Payable

A written promise to pay a specified sum of money, often bearing interest, at a future date.

Interest Payment

The amount paid at intervals by a borrower to a lender as compensation for the use of borrowed money.