Under Which of the Following Conditions Does a Promissory Estoppel

question 81

Multiple Choice

Under which of the following conditions does a promissory estoppel provide for the enforceability of an oral contract?

• A) when the promise induces action or forbearance of action by another
• B) when the reliance on the oral promise was unforeseeable
• C) when enforcing the oral promise provides for faster resolution of the case
• D) when the oral promise provides for reduced damages to the defendant

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Definitions:

Modified Accrual Accounting

A method of accounting that recognizes revenues when they become measurable and available to finance expenditures of the fiscal period, and expenditures are recognized when the related fund liability is incurred.

Revenues Recognized

Income that a company has earned during a period but which is recorded in the financial statements according to accounting principles.

Proprietary Fund Types

Funds used by a government to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful.

Fund Financial Statements

Financial reports specifically prepared to show the financial position and results of operations for governmental funds and non-profit organizations.