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- In a legal context, the promise must be made with sufficient consideration. Courts will look to contract law and related obligations when determining whether the promise should be binding, and thus be enforced.
www.law.cornell.edu/wex/promise
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As we have discussed, contractual liability requires at least some evidence that a party intended to make a legally enforceable promise. We also have seen that all contracts are necessarily incomplete and that courts create default rules to fill in these inevitable gaps.
- Revocation of Offers
An option contract is a promise which meets the requirements...
- Promissory Estoppel
Although bargained-for exchanges remain central to contract...
- What is a Promise
(1) A promise is a manifestation of intention to act or...
- Acceptance
[5] Formal acceptance of the contract was not made under the...
- Adequacy Doctrine
The court should have rendered judgment in favor of...
- Contract Formation
Older cases used various legal fictions and other devices to...
- The Consideration Doctrine
The essential function of consideration is to determine the...
- Bargain Or Gift
A man may promise to make a gift to another, and may put the...
- Revocation of Offers
- What Is Promissory Estoppel?
- Understanding Promissory Estoppel
- Requirements of Promissory Estoppel
- Promissory Estoppel as A Part of Contract Law
- Example of Promissory Estoppel
- The Bottom Line
Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment. Promissory estoppelis intended to stop the promisor from arguing that an underlying promise should not be legally uph...
Promissory estoppel serves to enable an injured party to recover on a promise. There are common legally required elements for a person to make a claim for promissory estoppel: a promisor, a promisee, and a detriment that the promisee has suffered. An additional requirement is that the person making the claim—the promisee—must have reasonably relied...
There are three key ingredients for a legal case involving promissory estoppel: the promisor, the promisee, and promisethat was not kept. In order to seek damages based on promissory estoppel, a plaintiff must show that: 1. The promisor made a promise, with the intention that a reasonable person would act on it; 2. The promisee believed the promiso...
Contract law generally requires that a person receive consideration for making a promise or agreement. Legal consideration is a valuable asset that is exchanged between two parties to a contract at the time of a promise or agreement. Ordinarily, some form of consideration, either an exchange of money or a promise to refrain from some action, is req...
As a hypothetical example, imagine a person working in New York who seeks a new job. After a certain number of interviews, they receive a job offer from an employer in California offering a high salary and relocation expenses. The prospective employee immediately quits their job, ends their tenancy, and begins to relocate to California. Upon arriva...
Promissory estoppel is a legal doctrine that says parties may be liable for broken promises that result in financial harm. As with other legal issues, promissory estoppel cases are highly specific, meaning that it is worth consulting an attorney before pursuing legal action.
The law does not recognize some acts or promises as good consideration, such as past consideration and performance of an existing legal duty. This chapter examines the general requirement in English law to provide consideration in order to enforce a contractual promise.
Apr 23, 2023 · Understand the exceptions to the requirement of consideration. For a variety of policy reasons, courts will enforce certain types of promises even though consideration may be absent. Some of these are governed by the Uniform Commercial Code (UCC); others are part of the established common law.
Aug 5, 2011 · For that reason, this chapter will address some very basic matters, including: the constituent elements of a promise; how promises are formed; what the party making a promise (the promisor) must intend before a promise can exist; whether the beneficiary of a promise (the promisee) must also intend anything before the promise can be constituted ...
- Martin Hogg
- 2011
First, Professor Shiffrin argues that contract doctrine, by making expectation damages rather than specific performance the general or default rem-edy for breach, diverges from what the morality of promising re-quires.1 Second, she makes a similar argument about contract doc-trine’s imposition of the burden of mitigating damages on the disappoi...
(1) A promise is a manifestation of intention to act or refrain from acting in a specified way, so made as to justify a promisee in understanding that a commitment has been made. (2) The person manifesting the intention is the promisor.
