What is a promissory estoppel?

Promissory estoppel is a legal concept used in contract law in Nebraska and across the United States. This concept is used to prevent an individual or business from exploiting a promise made, even if a contractual agreement was not entered into. It serves as a tool to enforce an individual or business’s promise when that promise is made in good faith and the individual or business relies on the promise to their detriment. The doctrine of promissory estoppel has three elements: (1) there must be a promise, (2) reliance on the promise, and (3) detriment to the relying party. Promissory estoppel can be used even if there is no written contract, but it does require some type of exchange of consideration between the parties involved. In this case, the consideration could be a promise of money, goods, services, or something else of value. Promissory estoppel also requires a certain level of foresight from the parties involved. The promisor must have been aware of the potential for reliance when the promise was made. If the promisor was not aware, then promissory estoppel would not be applicable. Promissory estoppel is an important tool in contract law in Nebraska and across the United States. It helps to ensure that individuals and businesses are held accountable for their promises and prevents them from reneging on their obligations.

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What is a promissory estoppel?

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