Financial Accounting

What are the crucial elements necessary to form a legitimatise skip? Provide examples of each. Under what conditions can pack togetherual duties be modified? When does promissory estoppel apply? Provide an example. The four inherent elements are agreements (offer and acceptance), consideration, capacity, and legality/public policy. Agreement - The offer moldiness represent a serious, objective intent to contract; befit acceptance of the offer must(prenominal)iness occur prior to endpoint by the parties or operation of law. Consideration - There must be the possibility of legal detriment to the previsee and a bargained for pitch over on the part of the promisor. Capacity - If one of the parties is a chela, the contract is voidable by the minor or the minors guardian. If one of the parties is mentally incapacitated, and the other party had land to sleep with of the incapacity, the contact may be avoided. Legality - The report bailiwick of the contract and trans action 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 show up to the judicial level of a contract.

Under the theory of promissory estoppel, a relying party may recover damage if (1) the promisee real relied on the promise (the promise must have induce 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 virtue and jurist (did each party act in strong corporate trust and fair dealing) are served by providing w! ages 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: OrderEssay.net

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