Promissory estoppel is a term in the common law doctrine that is used by courts to implement promises made and consequently relied upon. This law doctrine is usually used when there is no formal contract though the involved parties have acted as if there is such a contract. As courts dictates the terms of how these promises should be implemented, they use this doctrine to enforce contract on the agreement in the interest of fairness. Notably, this doctrine emerges when injustice can be prevented only by the enforcement of a promise that could be unenforceable due to lack of consideration. In most cases, promissory estoppels doctrine is applicable in the context of charitable donations.
When this law doctrine is used, the promisee's reliance is regarded as an adequate and independent basis with which the promise is enforced. As a result, the doctrine can be seen as a legal advice that forbids the promissor from rejecting the existence of a contract because of lack of consideration. One of the most common features of contracts that are enforced through the doctrine of promissory estoppel is that they normally lack the consideration piece ("What is Promissory Estoppel?" n.d.).
The doctrine of promissory estoppels has three major elements including a promise that is logically expected by the promissor to stimulate action or forbearance. The other elements are action or restraint by the promisee based on the established promise and the prohibition of injustice only by enforcing the promise. However, this doctrine differs from the traditional estoppel law since it has less strict requirements and may originate from promise of future intention or conduct. Moreover, unlike the traditional estoppel, the doctrine of promissory estoppel prevents a party from backing out of a promise.
Accord and Satisfaction:
Accord and satisfaction is a concept in contract law regarding the purchase of the release from an obligation of debt. Therefore, this concept is described as an agreement to discharge a claim in which both parties agree to accept and give something that is normally...
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