To begin with‚ the case as regards Richard and Ernie is related to the Doctrine of Promissory Estoppel‚ which is derived from Equity. According to this doctrine‚ if one party to the contract (promisor) makes a promise which the other party to the contract (promisee) acts upon‚ the promisor is estopped from going back on his promise‚ even though the promise did not provide any consideration. Theoretically‚ by this concept‚ Ernie should be estopped from asking Richard for the remaining balance of
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Consideration is an essential element in the formation of a contract. Consideration may be a promise to carry out an action or a promise to refrain from carrying out an act that one is legally entitled to perform. Consideration may be defined in many ways‚ the following definition was obtained from Currie v Misa (1975) LR Exch 153. In this case‚ Lush J said: “A valuable consideration in the sense of the law may consist either in some right‚ interest‚ profit or benefit accruing to one party‚ or
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Promissory Estoppel Promissory Estoppel Defined Sometimes an agreement without consideration will be enforced. This happens when a promise which foreseeably induces promisee to act or forebear becomes binding because injustice can only be avoided by enforcement of the promise. Promise A promise is an assurance‚ in whatever form or expression that a thing will or will not be done. Actual Reliance The promisee must actually and justifiably rely on the promise by the other.
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* Estoppel: situation where a person is precluded from saying something – namely the denial that a promise has been made. Protects person from the injurious consequence of reliance. * For example : creditor agrees to accept lesser sum in discharge of a greater sum‚ cant reclaim full payment refer to D & C Builders Ltd v Rees Estoppel Generally: * Different forms of estoppel: common law estoppel‚ estoppel in pais‚ estoppel by representation estoppel by convention…promissory estoppel
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The doctrine of promissory estoppel is applicable in the business law. The doctrine helps one to recover loses that has been made through a false promise that someone gives and without further fulfilling it. In this case‚ the law provides for the payment or compensation for the loss incurred or
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Poole: Contract Law ANSWERS - SELF TEST – ENFORCEABILITY OF PROMISES– INTENTION TO CREATE LEGAL RELATIONS‚ CONSIDERATION‚ PROMISSORY ESTOPPEL AND DURESS 1. What is the effect of including an "honour clause" in a written agreement? (2) An "honour clause" has the effect of rebutting the normal presumption of an intention to create legal relations in a commercial agreement (1). Its effect is to render the agreement binding in honour only so that it will not be a legally binding contract. (1) 2. What
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of the extra cost. The issue in this case is whether S4H can recover the money from Newland. Promissory estoppel prevents a promisor from going back on his or her promise if the promisee relies on the promise to their detriment. It allows a party to recover on a promise and prevents the other party from arguing that his or her promise should not be upheld. The equitable doctrine of promissory estoppel was established in Central London Property Trust v High Trees Limited
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However‚ it had been used for 200 to 300 years until Dening J developed the promissory estoppel. Next‚ it is also criticized as it illegally extended the doctrine of consideration from creating a contract to modifying a contract. The doctrine of consideration won’t consider the past intention but "The Rule Of Pinnel’s Case" won’t consider the future intention. However‚ in Khoury’s & Yamouni’s views‚ the court modified the doctrine of consideration and never revoked the rule in 200-300 years were because
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contract law The many doctrines of promissory estoppel If one concept in the early part of the contract law syllabus is difficult for the law student to digest‚ it is promissory estoppel‚ usually learned alongside the doctrine of consideration. This article tackles this tricky topic by dissecting promissory estoppel. by Adam Kramer‚ Lecturer in Law‚ University of Durham Promises are special in our society because there is a societal or moral convention that allows a promisor to be treated as
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“In Thorner –v- Major‚ the House of Lords confirmed that a claimant seeking to establish a proprietary estoppel must prove three things: (1) that the defendant’s assurances or conduct in relation to identified property were sufficiently clear and unambiguous in all the circumstances‚ (2) to lead the claimant reasonably to rely on those assurances or conduct; (3) by acting significantly to his detriment‚ so that it would be unconscionable for the defendant to deny him any remedy.” (Per Hayton
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