What is equitable estoppel?

Equitable estoppel is a legal concept in contract law that applies in Virginia. It means that, if one party makes a promise or representation to another party, and the other party relies on that promise and changes their behavior, then the first party can no longer legally go back on their promise. An example of this is if you promise to lend someone money, and they rely on that promise and purchase something with the expectation of paying you back later. If you then decide to go back on your promise, the court may stop you from doing so (equitably estop you). Equitable estoppel is a concept used in Virginia to ensure fairness in contracts. It helps to protect people from being taken advantage of in contract disputes by ensuring that parties to a contract cannot act one way and then later act in a completely different way. In other words, if one party to a contract promises something to another, they cannot later change their mind without potentially being barred by equity estoppel.

Related FAQs

What is the validity of an option contract?
What is a promissory estoppel?
What is the law of privity?
What is a declaratory judgment?
What is controverting the evidence?
What is a discharge for breach of contract?
What is frustration of purpose?
What is a mutual rescission of a contract?
What is a merger clause?
What is a joint venture agreement?

What is equitable estoppel?

Related FAQs

Related Blog Posts