Definition of Promissory estoppel:
Legal principle that a promise (even if made without consideration) is enforceable where the promisor makes, by conduct or words, an unambiguous representation to the promisee who relies on it to his or her detriment.
Promissory estoppel serves to enable an injured party to recover on a promise. There are common legally-required elements for a person to make a claim for promissory estoppel: a promisor, a promisee, and a detriment that the promisee has suffered. An additional requirement is that the person making the claim — the promisee — must have reasonably relied on the promise. In other words, the promise was one that a reasonable person would ordinarily rely on.
Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment. Promissory estoppel is intended to stop the promisor from arguing that an underlying promise should not be legally upheld or enforced. The doctrine of promissory estoppel is part of the law in the United States and other countries, although the precise legal requirements for promissory estoppel vary not only between countries but also between different jurisdictions, such as states, within the same country.
How to use Promissory estoppel in a sentence?
- Promissory estoppel helps injured parties to recover on promises made that have led to economic loss when not met.
- If you sign a promissory estoppel you must follow through on it or get a very bad reputation in the business community.
- Estoppel is a legal principle that keeps people and businesses from, essentially, going back on their word or promise.
- The promissory estoppel helped alleviate some of our concerns in our business agreement that was made in New York City.
- If you receive a promissory estoppel you must make sure to do exactly what it says as soon as you possibly can.
Meaning of Promissory estoppel & Promissory estoppel Definition