Promissory Estoppel Essay

This essay seeks to discuss the Doctrine of Promissory Estoppel and the Doctrine of Consideration, as well as a clear analysis, with the use of case law, how Promissory Estoppel has become an exception to the general principle that a promise may only be enforced if it is supported by good consideration; it will ultimately conclude whether or not a promise to accept a smaller sum in discharge of a larger sum, if acted upon, is binding notwithstanding the absence of consideration.
A contract is a legally binding agreement in law between two or more parties, which is enforced by law or by binding arbitration if it covers the elements of a valid legal agreement. For there to be a valid contract, three elements must be present, offer, acceptance, and consideration. If there is no consideration, there is no contract; however, with promissory estoppel instead of consideration, if there is a promise which induces reliance, the court would find some sort of liability for the promise. Promissory estoppel is where there has been a promise, there was a reasonable expectation of reliance, and a justifiable reliance or unfair injury or loss.
Consideration, defined by Sir Frederick Pollock is, "An act or forbearance of one party, or the promise thereof, is the price for which the promise of the …show more content…
The exclusive rights to the records was owned by Chappell, who claimed that there had been breaches of their copyright. The issue was whether the three wrappers were part of the consideration, it was held that they were, even though they were discarded when