Financial Accounting

What are the crucial elements necessary to form a licit skip? Provide examples of each. Under what conditions can pack togetherual duties be modified? When does promissory estoppel apply? Provide an example. The four innate elements are agreements (offer and acceptance), consideration, capacity, and legality/public policy. Agreement - The offer mustiness represent a serious, objective intent to contract; beseem acceptance of the offer mustiness occur prior to upshot by the parties or operation of law. Consideration - There must be the possibility of legal detriment to the hopee and a bargained for kind over on the part of the promisor. Capacity - If one of the parties is a diminished, the contract is voidable by the minor or the minors guardian. If one of the parties is mentally incapacitated, and the other party had source to sleep with of the incapacity, the contact may be avoided. Legality - The loose bailiwick of the contract and transaction must be legal. A contract can be modified by a promise, fit to the Restatement, while it requires an agreement according to the UCC. A promise is nonreversible; an agreement is bilateral seven when the agreements does not prepare to the judicial level of a contract.

Under the theory of promissory estoppel, a relying party may recover redress if (1) the promisee genuinely relied on the promise (the promise must have bring on the act); (2) the promisees reliance was reasonably foreseeable to the promisor (what an objectively average person would have foreseen under the same circumstances); and (3) principles of rightfulness and jurist (did each party act in uncorrupted corporate tr! ust and fair dealing) are served by providing payment to the reliant party.One peculiarly important domain of promissory estoppel for managers is in dealing with promises of employment. In promissory estoppel cases, courts frequently award damages equal to the out-of sacque costs plus what the employee lost in quitting her job and declining employment...If you neediness to get a full essay, order it on our website: BestEssayCheap.com

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