PROMISSORY ESTOPPEL

A contract requires a person to receive consideration after making a promise. Consideration is normally a valuable asset that is exchanged between two parties where one party is the promisor while the other party is the promisee. The promissory doctrine is a doctrine that stops a person from going back to the promise which was not supported by the consideration. The promissory estoppel plays a role in stopping the promisor from the argument that the underlying promise made should not be lega…