Question

TRUE OR FALSE FOR EACH SENTENCE Promissory Estoppel prevents an injustice when one reasonably relies on another's promise and suffers an injury (usually financial loss) as a result. A court may allow a contract to be modified or rescinded if there are unforeseen circumstances. Forbearance, or giving up a legal right, is recognized as a valid consideration. If a buyer promises to purchase whatever the seller produces she has entered into a requirement contract. A covenant not to sue is a contractual provision in which one party promises not to sue the other.

Answer 1

1. True.

2. True.

3. True.

4. True.

5. True.

Step-by-step explanation:

• According to the principle of the promissory Estoppel, a promise s a type of a legal contract that can be legally enforced and can stop the injustice that occurred when the promise was not carried out.

• There are times when the circumstance changes and due to unforeseen events the contract terms can be changed by the courts as both parties are unable to keep their promises.

• Forbearance is considered to be promised by the debtor to pay the amount, usually for a specific period of time.

• A requirement contract is an example pf farmer, who most contract with a grocery shop who later will supply the shop the vegetable an fruits that he can sell.

• A contractual sue is a legal agreement that both parties agree to seek damages not to sue the party that has caused it.