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Explain Any Limitations on the Availability of Promissory Estoppel

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Essay

Explain any limitations on the availability of promissory estoppel.


Definitions:

Valid Consideration

A necessary element in the formation of a contract, referring to something of value that is exchanged between the parties.

Sham

A pretense or fake transaction intended to deceive others or for a purpose contrary to law or public policy.

Lack of Consideration

A situation in contract law where an agreement lacks the exchange of something of value, rendering the contract potentially unenforceable.

Conditional Promises

Commitments that are contingent upon the occurrence of a specified event or situation.

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