Promissory Estoppel Is an Equitable Doctrine That Permits Enforcement of Oral

question 64

True/False

Promissory estoppel is an equitable doctrine that permits enforcement of oral contracts that should have been in writing.

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Definitions:

Barbie Doll

A fashion doll manufactured by the American toy-company Mattel, Inc. and launched in March 1959.

Incremental Cost

The additional cost associated with producing one more unit of output, useful for decision-making on production levels.

Opportunity Cost

The evasion of possible gains from diverse options by firmly deciding on one.

Alternative Foregone

The next best choice available to someone who has made a decision, also known as the opportunity cost.