Promissory Estoppel

Promissory Estoppel
The legal principle that a promise is enforceable by law when the promisor (person making the promise) makes a promise to the promisee (person being promised) who relies on it to his or her detriment. A promissory estoppel is intended to stop the promisor from denying that the statements, words or even conduct did not happen. This is a legal doctrine used in the United States and other legal systems around the world.

Promissory estoppel allows a party to recover on a promise. It prevents, or estops, a person from arguing that his or her promise should not be upheld. The reliance on the promise must be reasonable, and the person trying to enforce the promise must rely on the promise to their detriment. In order to invoke a promissory estoppel, three elements must be present: the promisor, the promisee and a substantial detriment - an economic loss that occurs to the promisee if the promisor declines to honor the promise.


Investment dictionary. . 2012.

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Look at other dictionaries:

  • promissory estoppel — see estoppel 1 Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. promissory estoppel …   Law dictionary

  • promissory estoppel — A new name for an established doctrine. The principle that an estoppel may arise from the making of a promise, even though without consideration, if it was intended that the promise should be relied upon and in fact it was relied upon, and if a… …   Ballentine's law dictionary

  • Estoppel — in its broadest sense is a legal term referring to a series of legal and equitable doctrines that preclude a person from denying or asserting anything to the contrary of that which has, in contemplation of law, been established as the truth,… …   Wikipedia

  • Estoppel (English law) — Estoppel is a legal doctrine that may be used in certain situations to prevent a person from relying upon certain rights, or upon a set of facts (eg. words said or actions performed) which is different from an earlier set of facts. Estoppel could …   Wikipedia

  • estoppel — es·top·pel /e stä pəl/ n [probably from Middle French estoupail plug, stopper, from estouper to stop up see estop] 1: a bar to the use of contradictory words or acts in asserting a claim or right against another; esp: equitable estoppel in this… …   Law dictionary

  • promissory — prom·is·so·ry / prä mə ˌsōr ē/ adj: containing or conveying a promise or assurance promissory terms Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. promissory …   Law dictionary

  • promissory — /promas(6)riy/ Containing or consisting of a promise; in the nature of a promise; stipulating or engaging for a future act or course of conduct. As to promissory oath promissory representation promissory warranty, see those titles @ promissory… …   Black's law dictionary

  • estoppel — /AstopAl/ Estoppel means that party is prevented by his own acts from claiming a right to detriment of other party who was entitled to rely on such conduct and has acted accordingly. Graham v. Asbury, 112 Ariz. 184, 540 P.2d 656, 658. A principle …   Black's law dictionary

  • estoppel — /AstopAl/ Estoppel means that party is prevented by his own acts from claiming a right to detriment of other party who was entitled to rely on such conduct and has acted accordingly. Graham v. Asbury, 112 Ariz. 184, 540 P.2d 656, 658. A principle …   Black's law dictionary

  • estoppel — A bar which stoppeth a person or closes up his mouth to allege or plead what actually may be the truth. 2 Coke, Littleton 352a. A bar which precludes a person from denying or asserting anything to the contrary of that which has, in contemplation… …   Ballentine's law dictionary

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