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An Important Exception to the Rule Requiring Consideration to Support

question 111

Multiple Choice

An important exception to the rule requiring consideration to support a promise is the doctrine of ______.This doctrine arises when a promisee justifiably relies on a promisor's promise to his or her economic injury.


Definitions:

State of Nature Probabilities

The likelihoods of different possible outcomes or states in a probabilistic model, often used in decision making and forecasts.

Products

Items or services created through a process and offered to a market for consumption or use.

States of Nature

Possible scenarios or outcomes in decision theory, which are not under the control of the decision-maker.

Payoffs

The outcome or benefit received from a decision or action, often used in the context of games or economic transactions.

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