What is promissory estoppel in Indian law?
The doctrine of Promissory Estoppel means when an individual with an intention of forming a relationship which is lawful makes a clear promise to another individual and the latter individual acts on it, that promise becomes an obligation for the individual who made the promise.
What is an example of promissory?
A simple promissory note might be for a lump sum repayment on a certain date. For example, you lend your friend $1,000 and he agrees to repay you by December 1. A demand promissory note is one in which payment is due when the lender asks for the money back. Usually, a reasonable amount of notice is required.
When can promissory estoppel be used?
Promissory estoppel is the legal principle that a promise is enforceable by law, even if made without formal consideration when a promisor has made a promise to a promisee who then relies on that promise to his subsequent detriment.
Which case deals with promissory estoppel?
The term ‘promissory estoppel was used for the first time by the Supreme Court in the case of Collector of Bombay v. Bombay Municipal Corporation. In this case the govt.
When How is promissory estoppel used?
The doctrine that a promise made without the exchange of consideration is binding and enforceable if: The defendant made a clear and unambiguous promise. The plaintiff suffered an injury due to reliance on the defendant’s promise. …
Is estoppel different from promissory estoppel?
The difference between promissory and proprietary estoppel is that the effect of promissory estoppel may be only temporary whereas that of proprietary estoppel is not only permanent but is also capable of operating positively so as to confer a right of action.
How do I prove my promissory estoppel?
The elements of a promissory estoppel claim are “(1) a promise clear and unambiguous in its terms; (2) reliance by the party to whom the promise is made; (3) [the] reliance must be both reasonable and foreseeable; and (4) the party asserting the estoppel must be injured by his reliance.” (US Ecology, Inc.
Is promissory estoppel a claim or a defense?
It is important, however, to understand that the promissory estoppel can only be used as a legal defense and not to initiate a legal claim. The doctrine of promissory estoppel is currently used in the United States legal system but the specific rules and regulations of it vary by state and jurisdiction.