Examlex
In 2012, Godfrey received a $50,000 sales commission on a long-term contract. But in 2013, the customer filed bankruptcy and Godfrey's employer was not able to collect from the customer. Under the bonus agreement, Godfrey was required to repay the employer $20,000 of the bonus. Godfrey was in the 35% marginal tax bracket in 2012 but he is in the 25% marginal tax bracket in 2013.
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.
Statute of Frauds
A legal principle requiring certain types of contracts to be in writing and signed to be enforceable.
Oral Contract
A verbal agreement between parties that is legally binding, though more difficult to enforce than written contracts due to the lack of physical evidence.
Voidable
A transaction or agreement that is legally valid but may be annulled or voided at the discretion of one of the parties involved.
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