Promissory estoppel is a contract lawdoctrinethat allows aplaintifftorecover damages, despite no actual contract, when the defendant made a promise that the plaintiff detrimentally relied upon, and the plaintiff’srelianceon that promise wasreasonable.
An implied agreement made by promissory estoppel will typically have the same binding effects on parties as a valid contract. If a party breaches an obligation created by promissory estoppel, a court can choose to assign eitherreliance damagesorexpectation damages.
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Payment | Definition & ExamplesFurther Reading
For more on promissory estoppel, see these articles from the Cornell Law Review,Fordham Law Review,UCLA Law Review, andSt. John’s Law Review.
[Last updated in March of 2024 by the Wex Definitions Team]
See Also
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