Asked by George Khoury on Jun 25, 2024
Verified
Promissory estoppel is an exception to the rule requiring consideration.
Promissory Estoppel
A legal principle that prevents a person from going back on a promise even when a legal contract does not exist.
- Recognize the legal exceptions that permit enforcement of promises even in the absence of consideration.
Verified Answer
EN
Emrie NesimiJul 01, 2024
Final Answer :
True
Explanation :
One exception to the rule requiring consideration is promissory estoppel.Promissory estoppel occurs when three conditions are met: a)one party makes a promise knowing the other party will rely on it; b)the other party does rely on the promise; and c)the only way to avoid injustice is to enforce the promise.
Learning Objectives
- Recognize the legal exceptions that permit enforcement of promises even in the absence of consideration.