WHICH OF THE FOLLOWING IS NOT REQUIRED FOR PROMISSORY ESTOPPEL TO APPLY? The promise made must be reasonable. The promise made must be relied on by the promisee to the promisee’s detriment.

Which of the following is not required for promissory estoppel to apply? The promise made must be reasonable. The promise made must be relied on by the promisee to the promisee’s detriment. The promisor must suffer an injustice if the promise isn’t enforced. The promisor must know that the promisee is likely to rely on the promise. 2. Bud calls Lou and says “I’ll sell you my car for a thousand bucks interested?” Lou says “I’ll look it up on the Internet. If the Blue Book price is close I’ll pay you $1 000 in the morning.” At sunrise Lou shows up with $1000. Bud must sell him the car because Lou accepted the evening before when he promised to look up the car’s value. Bud must sell him the car because he cannot revoke his offer after Lou accepted. Bud does not have to sell the car because his promise was unclear. Bud does not have to sell the car because the payment is based on past consideration. 3. After an offer is made the offeror may revoke that offer at any time even if the offeree has not been given a reasonable period of time to decide whether or not to accept. True False 4. With regard to the court adequacy of consideration means: the consideration exchanged must be exactly equal in value. the consideration exchanged must be reasonably close in value. the court will adjust the consideration if the value exchanged is unfair. the court doesn’t care about value as long as the mutual assent is valid. 5. In Stevens v. Publicis S.A. the courts addressed the statute of frauds issue of what constitutes a writing in today’s cyber world and determined that: technology aside a writing must contain an original signature to create a true contract. since e-mail could be written by anyone an e-mail must be followed by a document with an original signature. an e-mail with the sender’s typed signature shows an intent to authenticate the contents and satisfies statute of frauds requirements. the statute of frauds requires that certain contracts be in writing to be enforceable but does not address or concern itself with signatures. 6. Duress must be based on a physical threat and not an economic one. True False 7. The term option contract refers to the choices that one has when entering into a contract. True False 8. An option contract is a contract that gives one of the parties a choice of consideration to accept. True False 9. Beth has a contract with Annie in which Annie is to deliver 1 000 hand-decorated beverage holders in 60 days. When Beth calls the Psychic Hotline for her weekly reading the psychic informs her that she has entered into a contract and the other party will not perform all the conditions and specifications in accordance with the agreement. Beth may sue for an anticipatory repudiation.

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