Asked by Kevin Simpson on May 18, 2024
Verified
________ is a legal doctrine that restricts a party from denying that a promise was made under certain conditions,even though consideration has not been exchanged to bind an agreement.
A) Statutes of limitations
B) Promissory estoppel
C) Locus sigilli
D) Accord and satisfaction
Promissory Estoppel
A legal principle preventing a party from backing out of a promise made, when the other party has relied on that promise to their detriment.
- Understand the application of promissory estoppel in agreement enforcement.
Verified Answer
SA
stephen angelesMay 21, 2024
Final Answer :
B
Explanation :
Promissory estoppel is a legal doctrine that prevents a party from denying a promise made under certain conditions, even if there was no consideration exchanged to support an agreement. It is also referred to as detrimental reliance, which means that one party has relied on the promise of another party to their detriment. This doctrine is used as a legal basis to enforce promises that are made in certain circumstances, such as when there is a moral obligation to fulfill the promise or when one party has unfairly taken advantage of another party's reliance on the promise.
Learning Objectives
- Understand the application of promissory estoppel in agreement enforcement.
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