A written promise to pay a specified sum of money is a(n):
A) promissory estoppel.
B) promissory note.
C) equitable estoppel.
D) escrow agreement.

Question

Quizplus · Accepted Answer

A written promise to pay a specified sum of money is known as a promissory note. A promissory estoppel relates to a promise made that is relied upon and acted upon causing unfairness to the promisee if the promisor tries to backtrack later. Equitable estoppel is a legal principle that prevents a person from denying or asserting something contrary to what was previously established as true. An escrow agreement is a legal document outlining the terms and conditions between parties regarding the use and handling of funds or assets.

A Written Promise to Pay a Specified Sum of Money