Which Doctrine May Courts Use to Estop,or Prevent,an Offeror from Revoking

question 36

Multiple Choice

Which doctrine may courts use to estop,or prevent,an offeror from revoking an offer based on a party's taking steps in reasonable reliance on an offer?

• A)Promissory estoppel
• B)True to form
• C)Consideration reliance
• D)Ethical reasoning
• E)Contract enforcement

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Definitions:

Company's Own Stock

Shares that were issued and have been repurchased by the company itself, reducing the amount of outstanding stock on the open market.

Financing Activities

Activities that result in changes in the size and composition of the equity and borrowings of an entity, as shown in its cash flow statement.

Direct Method

A way of preparing the cash flow statement where actual cash flows from operating activities are listed directly.

FASB's Agenda

The Financial Accounting Standards Board's schedule of planned topics to discuss, with the aim of setting and improving accounting standards in the United States.