Question

Promissory estoppel and contracts under ______ are two exceptions to the common law rule requiring consideration.

1) ratification
2) subjective interpretation
3) recognizance
4) seal

Answer 1

Promissory estoppel and contracts under seal are exceptions to the common law rule requiring consideration in contracts.

Step-by-step explanation:

Two exceptions to the common law rule requiring consideration in contracts are promissory estoppel and contracts under seal. Promissory estoppel occurs when a promise is made and the relying party suffers a detriment as a result of relying on that promise. Contracts under seal are written agreements that are signed, sealed, and delivered, and are enforceable even without consideration.