In the Village, If the Harvest This Year Is 4,000

question 28

Multiple Choice

In the village, if the harvest this year is 4,000 bushels of grain and the harvest next year will be 1,200 bushels and if rats eat 50% of any grain that is stored for a year, how many bushels of grain could the villagers consume next year if they consume 1,000 bushels of grain this year?

• A)4,050
• B)5,200
• C)2,700
• D)1,500
• E)1,300

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Definitions:

Promissory Estoppel

A legal principle that prevents a party from withdrawing a promise made to another party if the latter has relied on that promise to their detriment.

Consideration

In contract law, something of value given by both parties to a contract that induces them to enter into the agreement to exchange mutual performances.

Illusory Promises

Commitments made in a contract that are vague or unenforceable because they do not bind the promisor to a specific action.

Mutuality of Benefit

The principle that both parties involved in a contract or agreement must stand to gain from the arrangement for it to be valid and enforceable.