Definition of Promissory Estoppel

The promise which is enforceable by law is known as promissory estoppel. If the promise is broken which is made earlier to a party then the other party can claim promissory estoppel. It is also known as Equitable Estoppel.


An example of promissory estoppel is where one party promises other parties that they would not enforce their legal rights and other party acted and relied on it without giving any consideration, equity would not allow the first party to go back on the promise to the other party.


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