Asked by Tericka Ellison on Jul 08, 2024
Verified
What are the required elements of promissory estoppel? If these requirements are met, must you still prove there was consideration?
Promissory Estoppel
A legal principle that prevents a party from withdrawing a promise made when the other party has reasonably relied on that promise to their detriment.
Consideration
A fundamental component in contract law, referring to something of value that is exchanged between parties as part of an agreement.
- Understand the concept of promissory estoppel and its requirements as an exception to the consideration requirement.
Verified Answer
MW
Mariah WilsonJul 09, 2024
Final Answer :
The required elements of primary estoppel are:
• There must be a clear and definite promise.
• The promisee must justifiably rely on the promise.
• The reliance normally must be of a substantial and definite character.
• Justice will be better served by enforcement of the promise.
If these requirements are met, a promise may be enforced even though it is not supported by consideration.
• There must be a clear and definite promise.
• The promisee must justifiably rely on the promise.
• The reliance normally must be of a substantial and definite character.
• Justice will be better served by enforcement of the promise.
If these requirements are met, a promise may be enforced even though it is not supported by consideration.
Learning Objectives
- Understand the concept of promissory estoppel and its requirements as an exception to the consideration requirement.