BUSINESS LAW 1080(Contracts Continued)
Question Description
The Captain Hook Company promised to give Peter Pan permanent employment. Peter made a living sailing on his 42-foot yacht. After thinking about the offer for three weeks, Peter sold his yacht at a loss to take the job. Shortly after beginning work, he was discharged by The Captain Hook Company, which claimed that the contract could be terminated at will. Peter claimed that promissory estoppel prevented the company from terminating the contract.
What is consideration, was there consideration in this situation, and if so, what was that consideration? Was Peter correct when he claimed that promissory estoppel prevented The Captain Hook Company from terminating the contract? Why or why not?
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