Promissory Estoppel

Question 1

What is promissory estoppel?

Answer 1

A promise which the promisor should reasonably expect to induce action or forbearance on the part of the promisee or a third person and which does induce such action or forbearance is binding if injustice can be avoided only by enforcement of the promise. The remedy granted for breach may be limited as justice requires. Case example: Baby Daddy Wright v. Newman.

Question 2

What is the guiding contracts principle underlying promissory estoppel?

Answer 2

Equity and Fairness