Class 5 - Promissory Estoppel

Question 1

Section 90 Restatement Contracts

Answer 1

1. {Promise} reasonably expect to induce action or forbearance
2. does induce such action or forbearance
3. is binding if injustice can be avoided only by enforcement of the promise. The remedy granted for breach may be limited as justice requires.
4. A charitable subscription or a marriage settlement is binding under Subsection (1) without proof that the promise induced action or forbearance.

Question 2

Newell Factors

Answer 2

NEWELL FACTORS

i. Reasonableness of promisee’s reliance
ii. Definite and substantial character of the reliance
iii. Formality of promise
iv. Extent to which the evidentiary, cautionary and channeling functions of form are met by commercial setting or otherwise
v. Relevance of bargains and/or unjust enrichment