What are the four conditions of promissory estoppel?

• There must be a clear and definite promise.
• The promisor should have expected that the promisee would rely on the promise.
• The promisee reasonably relied on the promise by acting or refraining from some act.

What are the 4 types of consideration?

The various types of consideration are (1) a promise, (2) an act other than a promise, (3) forbearance, (4) a change in a legal relation of the parties, (5) money, or (6) other property.

What is promissory condition?

A promissory condition is a promise whose performance either suspends a duty of immediate performance until it occurs or gives rise to such duty upon its occurrence. A, non- promissory condition creates a privilege in the case of a condition precedent and a power in the case of a condition subsequent.

What is promissory estoppel?

Within contract law, promissory estoppel refers to the doctrine that a party may recover on the basis of a promise made when the party's reliance on that promise was reasonable, and the party attempting to recover detrimentally relied on the promise.

What are the 3 requirements of consideration?

Each party must make a promise, perform an act, or forbear (refrain from doing something).

What is a promissory estoppel explain?

The doctrine that a promise made without the exchange of consideration is binding and enforceable if: The defendant made a clear and unambiguous promise. The plaintiff acted in reliance on the defendant's promise.

What are the elements of a binding contract?

The basic elements required for the agreement to be a legally enforceable contract are: mutual assent, expressed by a valid offer and acceptance; adequate consideration; capacity; and legality. In some states, element of consideration can be satisfied by a valid substitute.

What are two exceptions to the consideration requirement?

Exceptions to the consideration requirement include the following: Promissory estoppel. Charitable subscriptions. Specific exceptions under the UCC provisions.

Which of the following is a promise to refrain from doing something you were legally entitled to do?

A promise to not do something you are legally entitled to do is good contract consideration only if the contract involves goods, not services. A promise to not do something you are legally entitled to do is good contract consideration only if the contract involves services, not goods.

What are the three requirements for a successful claim in estoppel?

Proving Proprietary Estoppel

Specifically, a claimant must prove the following elements: There was a promise; There was a reasonable belief in and reliance on the promise; and. The promisee suffered loss because they relied on the promise.

What are the requirements for estoppel to successfully be raised?

The person raising the estoppel (who I shall refer to as "C") must know that the person against whom the estoppel is raised (who I shall refer to as "D") shares the common assumption and must be strengthened, or influenced, in its reliance on that common assumption by that knowledge; and D must (objectively) intend, or ...

What is promissory estoppel and when is it applicable?

Promissory estoppel applies when the promisor has made a promise to the promisee. The promisee must have relied on the promise and suffered a loss due to non-performance of the contract. The doctrine prevents the promisor or enterprise from going back on their word or promise.

What elements are required for courts to apply the doctrine of promissory estoppel choose 3 answers?

What are the six types of consideration?

Under what conditions is there no consideration?

Under what situations is consideration not binding? Consideration is not binding if the promise does not create a duty or impose an obligation such as with illusory promises. Illusory promises include termination clauses in contracts and output and requirements contracts.

What is the difference between a promissory condition and a contingent condition?

[the happening of this event] may be described as a contingent condition." If however one party's obligation to perform depends on the other party having first performed its obligation, it is a promissory condition, and is better described as a term of the contract.

What is the difference between estoppel and promissory estoppel?

Estoppel itself is used to keep a party from promising one thing and then changing the circumstances after a second party has relied upon the promise. Promissory estoppel allows the party who was wronged by his or her reliance upon the specific promise or assertion to collect damages.

What is a conditional promise in contract law?

A conditional promise is a promise subject to the occurrence of a specific event before the promisor is obligated to perform. A conditional contract is enforceable as long as the party subject to the condition does not have a complete control over whether the condition is fulfilled.

How many types of consideration are there?

According to Section 2(d) of the Indian Contract Act 1872, there are three kinds of Consideration, viz Past, Present and Future Consideration.

What are the elements of consideration?

What are the essential elements of consideration?