What is equitable estoppel?

Equitable estoppel is a legal doctrine that is recognized in Nebraska contract law. It is based on the idea that a person should not be able to take advantage of another person by changing their position or making a promise and then going back on it. Equitable estoppel is used when one party has made a promise, representation, or assumption to another party and the other party has relied on it to their detriment. For example, if a person makes a promise to pay back a loan and the other party relies on that promise and takes no further action, the first party may be estopped from denying the obligation to repay. In addition to being used in contract law, equitable estoppel can also be used to prevent a person from changing their position on an issue or going back on their word. For instance, if a person promises to pay a certain amount of money and the other party relies on it and gives up their rights to the money, the first party may be estopped from denying their obligation to pay. The general principle of equitable estoppel is that one party should not be able to take advantage of another by going back on their promise or changing their position. It is an important aspect of Nebraska contract law and should be taken into consideration when drafting or entering into any contracts.

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