The Pros And Cons Of Promissory Estoppel

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"A contract is a legally enforceable promise or set of promises. In other words, when promises have the status of contract, the contracting party harmed by a breach of the contract is entitled to obtain legal remedies against the breaching party" (Mallor et al., 2015, p. 320) A legally enforceable is a contract or agreement that set promises between two parties. For example, a realtor signed a contract with a couple to sell the couple apartment in two months. The realtor was able to sell the couple house in two months. The article "When is a contract legally enforceable?", helped me understand legally enforceable because it talks about the elements of a contract which are "offer and acceptance, legal consideration, capacity to create a …show more content…

(2016). Uniform commercial code and legal definition. Retrieved from https://definitions.uslegal.com/u/uniform-commercial-code/ Promissory Estoppel Promissory estoppel is when " one person might rely on a promise made by another even though the promise and the relevant circumstances are not sufficient to justify the conclusion that a contract exists" (Mallor et al., 2015, p. 333). Promissory estoppel is when a person makes a promise to somebody and they end up back out of the promise. For example, "A promises B that he would not enforce his legal rights and B acted and relied on it without giving any consideration, equity would not allow A to renege on his promise to B" (LawTeacher, n.d.). LawTeacher. (n.d.). Promissory estoppel. Retrieved from https://www.lawteacher.net/cases/contract-law/promissory-estoppel.php The article " Promissory estoppel" helped me understand promissory estoppel because in the article it talks about what promissory estoppel is and they also broke down promissory estoppel for a better understanding. The article states that the elements that a promissory estoppel needs to make a claim is "a promisor, a promisee, and a detriment that the promisee has suffered" (Investopedia,

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