DBIA - CONTRACTS AND RISK MANAGEMENT -
2024 ACTUAL EXAM QUESTION AND CORRECT
ANSWERS VERIFIED ANSWERS ALREADY
GRADED A+
Requirements for a valid contract - ANSWER✔✔-Offer -Acceptance -Consideration -Capacity -Authority Trident v. Austin (2003) - ANSWER✔✔-Austin told Trident that they would come back to them and use them if they won.-Austin did win, but did not go back to Trident -Trident could've offered a backup to their $5.2M.Promissory Estoppel and Detrimental Reliance - ANSWER✔✔an equitable doctrine that prevents the withdrawal of a promise by a promisor if it will adversely affect a promisee who has adjusted his or her position in justifiable reliance on the promise Metroplexcore v. Parsons Transportation Group (2014) - ANSWER✔✔PTG made repeated assurances that MC would be part of the team (promises). Even the owner expected MC to be on the team. - Example of Promissory Estoppel
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