PROMISSORY ESTOPPEL Meaning and
Definition
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Promissory estoppel is a legal doctrine that prevents one party from going back on their promise if it would result in unfairness or injustice to the other party. It is a principle used in contract law to enforce promises that may not have the necessary elements to be considered a legally binding contract.
Under promissory estoppel, if one party makes a clear and definite promise to another party, who then relies on that promise and takes action or changes their position based on that promise, the promisor can be prohibited from going back on their word. The doctrine aims to prevent the injustice that would result from allowing the promisor to break their promise after the other party has already relied on it.
For promissory estoppel to apply, certain elements must be present. First, there must be a clear and definite promise made by one party to another. Second, the promisee must rely on that promise, either by taking some action or by refraining from doing something. Third, it must be shown that the reliance on the promise was reasonable and justified. Finally, enforcing the promise must be the only way to avoid unfairness or injustice.
In conclusion, promissory estoppel is a legal principle that upholds promises between parties, even if they do not meet the formal requirements of a contract, to prevent unfairness or injustice when one party relies on the promise to their detriment.
Common Misspellings for PROMISSORY ESTOPPEL
- oromissory estoppel
- lromissory estoppel
- -romissory estoppel
- 0romissory estoppel
- peomissory estoppel
- pdomissory estoppel
- pfomissory estoppel
- ptomissory estoppel
- p5omissory estoppel
- p4omissory estoppel
- primissory estoppel
- prkmissory estoppel
- prlmissory estoppel
- prpmissory estoppel
- pr0missory estoppel
- pr9missory estoppel
- pronissory estoppel
- prokissory estoppel
- projissory estoppel
- promussory estoppel
Etymology of PROMISSORY ESTOPPEL
The term "promissory estoppel" has its origins in English law. The word "promissory" is derived from the Latin word "promissorius", which means "promisory" or "promising". The word "estoppel" comes from the Old French term "estoupail", meaning "stopper" or "obstruction". In legal terms, estoppel refers to a principle that prevents a person from asserting or denying certain facts because of their previous actions or statements.
Therefore, "promissory estoppel" can be understood as the legal doctrine that prevents a promisor (someone making a promise) from going back on their promise and denying its enforceability. It involves a situation where one party reasonably relies on another party's promise to their detriment and such reliance is protected by the court, even if there is no formal contract.
