PROMISSORY ESTOPPEL

 

A contract requires a person to receive consideration after making a promise.  Consideration is normally a valuable asset that is exchanged between two parties where one party is the promisor while the other party is the promisee.  The promissory doctrine is a doctrine that stops a person from going back to the promise which was not supported by the consideration. The promissory estoppel plays a role in stopping the promisor from the argument that the underlying promise made should not be legalized. The promissory estoppel doctrine is a part of the laws of the United States. The promissory estoppel legal requirements vary with different jurisdictions within the country.  The promissory estoppel helps the injured party to recover the promise under consideration.  The promisor, promisee, and detriment suffered by the promisee are the key elements of the promissory estoppel.  In promissory estoppel, the promisee must have relied on the promise for some time. Courts grant the promissory estoppel if it determines that the promise is the only means that caused injustice to the promisee. There are two types of estoppel that are, the collateral and fair estoppel.  The equitable estoppel prevents the person from revising his words.  The collateral estoppel prevents the person from going back to court for the same type of grievances.  In addition, the collateral estoppel prevents the legal harassment.

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