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Data extracted from the accounting information system of TXC Corporation produced the following graph. The equation of the dashed line is y = $25x; the equation of the solid line is y = $200 + $5x. The area to the left of the point where the two lines intersect, where the dashed line is below the solid line, shows where TXC:
Promissory Estoppel
A legal principle preventing a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.
Consideration
Something of value promised to another when making a contract that motivates both parties to enter into the agreement.
Mistake Of Fact
A legal defense in which an individual argues that a misunderstanding of fact rather than law led to the action that constituted an alleged offense.
Bilateral Mistake
A legal term referring to a misunderstanding where both parties to a contract have incorrect beliefs about an essential fact of the agreement.
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