Explain How the Principle of Estoppel Can Be Important in an Agency

question 61

Essay

Explain how the principle of estoppel can be important in an agency relationship.

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Definitions:

Logrolling

The act of trading support, particularly within the political arena, through mutual agreement to vote for each other's proposed bills.

Paradox Of Voting

The situation where individual rational choice leads to a situation where collective rational outcomes are not achieved, often resulting in the non-optimal allocation of resources.

Government Failure

Occurs when government intervention in the economy leads to an inefficient allocation of resources or fails to achieve the intended outcomes.