Smith and Roberson’s Business Law
Smith and Roberson’s Business Law
17th Edition
ISBN: 9781337094757
Author: Richard A. Mann, Barry S. Roberts
Publisher: Cengage Learning
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Chapter 9, Problem 4CO
Summary Introduction

To discuss: The doctrine of promissory estoppel.

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A contractor has agreed to build a home for Jane for $300,000. Early in the construction of the home, Jane is informed by the bank that she can only have a $280,000 loan. Jane speaks to the contractor, asking if he would drop his price by $20,000. As it happens, she called the contractor while he was watching his daughter on stage accepting an award for her dance performance. He took Jane's call and being so emotionally overwhelmed at the time by his daughter's success, that he told Jane sure, no problem. However, when it came time for final payment, he told Jane he changed his mind and needs full payment. Jane comes to see you, her lawyer, and asks for your advice. What do you tell her?
explain in detail the penalty for failure to furnish a return or statement (section 182) and penalty for concealement of income (section 184)
Give any one exception to agreement in restraint of legal proceedings.  Explain too.
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