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Neal spent $100 in reliance on the contract, which constituted Neal's reliance interest. Since reliance damages equal to the value of the reliance interest of the injured party, Matt owes Neal $100. This puts Neal in the same economic position as if the contract never happened. In a promissory estoppel context, consider the following example:
In many jurisdictions of the United States, promissory estoppel is an alternative to consideration as a basis for enforcing a promise. It is also sometimes called detrimental reliance. The American Law Institute in 1932 included the principle of estoppel into § 90 of the Restatement of Contracts, stating:
Estoppel forms part of the rules of equity, which were originally administered in the Chancery courts. Estoppel in English law is a doctrine that may be used in certain situations to prevent a person from relying upon certain rights, or upon a set of facts (e.g. words said or actions performed) which is different from an earlier set of facts.
Proprietary estoppel case law has, however, divided on the question of what kind of assurance and what kind of reliance must be present. In Cobbe v Yeoman's Row Management Ltd , a property developer claimed an interest in a group of Knightsbridge flats after his expense in obtaining council planning permission. [ 6 ]
An Appellate Division, First Department panel rejected the reliance-based argument of promissory estoppel by the plaintiff, indicating that he would not suffer an unfair injury if the statute of ...
doctrines of promissory estoppel and equitable estoppel; prohibited for a party to act in such a way that contradicts a previous act of his own on which the other party relied, thus causing a detriment to the latter. Nemo potest facere per alium quod per se non potest: No one can do through another what he cannot do himself. nihil dicit: He ...
Lord Walker held the elements for a proprietary estoppel are (1) a promise or representation by the defendant that the claimant has or will acquire some right in relation to the defendant's land (2) the claimant's reasonable reliance on this promise/representation (3) detriment suffered by the claimant by reason of his reliance on that promise ...
Based upon recent case pronouncements by both New York’s highest court and federal courts, the doctrine of promissory estoppel should be invoked with selectivity, particularly when used to ...