Promissory Estoppel

Promissory estoppel is a legal principle that prevents someone from going back on a promise when the other party has relied on that promise to their detriment. For example, if someone promises to sell their car to you and you, believing that promise, spend money preparing for the purchase, they cannot later refuse to sell it without facing potential legal consequences. This principle aims to ensure fairness and uphold trust in agreements, even if a formal contract does not exist. Essentially, it protects individuals who act on promises that they reasonably believed were intended to be kept.