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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.
The promissory estoppel acts as a legal shield against the other's claim, even though they did not give any consideration. The doctrine of promissory estoppel is the exception to the contract consideration rule. It implies that a contracted promise is enforceable by law even without any consideration present.
Substitutes for ConsiderationMust have a promise.Must have detrimental reliance upon the promise. a. Does not require one to give up something to which he is legally entitles.Injustice can only be avoided by the enforcement of the promise.
The promissory estoppel doctrine is an exception to the requirement of consideration for contracts. Promissory estoppel is triggered when one party acts on the other party's promise.
The doctrine prevents the promisor or enterprise from going back on their word or promise. For example, a vendor makes an oral promise to the customer to replace the goods if they do not fit the customer size requirements. The customer purchases the clothes and takes them home.