Some Courts Allow Promissory Estoppel to Bind Parties to Oral

question 12

True/False

Some courts allow promissory estoppel to bind parties to oral contracts that otherwise would be unenforceable under the statute of frauds.

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Definitions:

Retained Earnings

The portion of net income that is retained by a corporation rather than distributed to its shareholders as dividends.

Indirect Planning

The process of setting broader goals and strategies that indirectly guide actions and decisions without specific, detailed plans.

Interest Rates

The fee, shown as a percentage of the principal amount, that a lender imposes on a borrower for the usage of its assets.

Collection Period

The average number of days it takes for a company to receive payment after a sale has been made, indicative of the efficiency of its credit and collection policies.