Promissory estoppel requires what major element to exist?Multiple choice question.Both parties deny the existence of a contractDetrimental reliance by the injured partyAn agent who conducts actions against the interest of a principalA contract that is profitable to all parties

When is promissory estoppel in effect?Multiple choice question.When a party to the contract knew, or had reason to know, that reliance would be detrimental to the performance of the contractWhen the party's reliance is to his or her own detrimentWhen the party's reliance is detrimental to a third partyWhen the party's reliance was not foreseeable by the unaffected party

In an agency by estoppel, the important factor is whether the principal acts to: Blank______.Multiple choice question.discourage the impression that an agency relationship exists between the partiescreate the impression that the agent has the authority to act on behalf of the principalcreate the impression that an incidental beneficiary will receive a direct contractual benefit via the agentarticulate that there is an express agency agreement

Select all that applyWhat are the elements of the promissory estoppel exception to the statute of frauds? (Check all that apply.)Multiple select question.Both parties can no longer profit from the contract.The detrimental reliance of the injured party could have been foreseen by the other party.One party to the contract must be a minor.One party detrimentally relied on an oral promise.

In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal. Identify these situations. (Check all that apply.)Multiple select question.The contract expressly excludes the principal from the contract.The third party enters into a contract with the agent such that the agent's performance is required and the third party may reject the performance of the principal.The agent enters into a contract that is a nonnegotiable instrument. The principal or agent knows a third party would enter into a contract with the principal if the principal's identity were disclosed but the agent does not disclose the identity anyway.

With an undisclosed principal, who is liable to a third party?Multiple choice question.Neither the principal nor the agentThe incidental beneficiaryThe agentThe principal