Promissory estoppel

What is the difference between promissory estop? What does estoppel mean in a legal sense? In order to see that justice is done a court will treat the statement as a promise, and in a trial the judge will preclude the maker of the statement from denying it.

The concept that a promise can be legally upheld after a promisee has suffered a loss as a result of relying on that promise. The promissory estoppel doctrine allows an injured party to recover on a promise upon which he relie and then suffered a loss as a result.

Example of promissory estoppel :Charles is ten years from retirement age, and has worked for the company for years. One day Charles is enticed to take on a very large project for the company, by the owner’s promise to pay him a specified amount of money each year, over the duration of his retirement. This amount is nearly percent higher than his reti. There are five elements of promissory estoppel that must exist in order for the concept to be enforced. The five elements of promissory estoppel are listed below: 1. Legal Relationship – Some form of legal relationship must exist, or be anticipated to exist, between the parties, such as a contractual relationship.

An example of promissory estoppel can be found in a case concerning a political race and the leaking of confidential information by an insider. Cohen leaked court records concerning another party’s candidate to reporters from the St.

Paul Pioneer Press, and the Minneapolis Star Tribune, based on a promise that his identity as their source would remain confidential. Compensatory Damages – An award of money in compensation for actual economic loss, property damage, or injury, not including punitive damages. Damages – A monetary award in compensation for a financial loss, loss of or damage to personal or real property, or an injury. Estoppel – A legal principle that prevents, or “stops,” someone from asserting a fact that is contradictory to an already established truth.

Promisor – A person who. It states that an aggrieved party can recover damages. Indemnity Indemnity is used to protect an individual or entity from potential losses and damages that may result from negligence, legal claims, or other unavoidable. In essence, when someone makes a commitment to someone who goes on to rely on that promise, only to experience some sort of detriment, promissory estoppel may be enforced. Essentially, it prevents a promisor from arguing that the initial promise he made should not be upheld.

When used as a defense by a defendant it is sometimes called a shiel and when used affirmatively by a plaintiff it is sometimes called a sword. A form of estoppel encountered in contract law is. Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now! The principle is applicable when a promisee relies on the promise made by the promisor and encounters a subsequent detriment as a result of the promise. The doctrine of promissory estoppel allows a party to recover the benefit of a promise made even if a legal contract does not exist.

If the offeree reasonably relies on the offeror’s promise to her detriment, the doctrine of promissory estoppel may make the contract valid despite the absence of consideration. The doctrine that a promise made without the exchange of consideration is binding and enforceable if: The defendant made a clear and unambiguous promise.

Hence, then going back from its words is not permissible. It is a critical tool that courts can use to avoid injustice when the general contract law rules would cause unfair. This doctrine is to the effect that when a party by his word or conduct makes a promise to another party with the intent to be acted upon by that other party and infact acted upon, the promisor will not be allowed to go back on his word. It is a defense to an assertion of contractual rights where one party has given a promise not to assert his legal right if a condition is fulfilled by the other party and that other party fulfills that condition, the promisor. Yes, sounds like a lawyer wrote this.

Like all equitable remedies, it is discretionary, in contrast to the common law absolute right like right to damages for breach of contract. The doctrine has been variously called ‘ promissory estoppel ’, ‘equitable estoppel’, ‘quasi estoppel’ and ‘new estoppel’. A bar that prevents one from asserting a claim or right that contradicts what one has said or done before, or what has been legally established as true.

For estoppel in contract law, see promissory estoppel. See also res judicata. Essentially, promissory estoppel provides a means for a contract to be enforced even when the element of consideration is inadequate or lacking. In common language, promissory means related to a promise, and estoppel is a legal term that essentially means an enforced bar or ban.

Judges use the doctrine to ban one person from going back on a promise. Although bargained-for exchanges remain central to contract enforcement, an important line of cases embraces a competing principle of reliance-based enforcement. An undertaking to act or refrain from acting in a specified way at some future time.

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