Consideration and Promissory Estoppel Notes - Free Essay.
Promissory Estoppel Essay Sample. Posted on July 11,. to be satisfied for a contract to be valid and those would be offer. credence and consideration but the philosophy of Promissory Estoppel ( PE ) seems to subvert some of the established regulations of a contract.. Consideration as an established jurisprudence does give range to knock it.
What is the doctrine of consideration Essay Sample. In order for an agreement to become a legally binding contract, the common law position is that there must either be a formalised deed or some form of consideration between the parties.. highlighting the main difference between the doctrines of consideration and promissory estoppel.
Denning J was swift to recognise promissory estoppel was likely to clash with Foakes v Beer (1884). Indeed, Central London Property Trust involved an agreement of a landlord to accept a reduced rent from the defendant compared to that which it was entitled under their agreement for the duration of the Second World War.
Read this essay on Promissory Estoppel. Come browse our large digital warehouse of free sample essays.. Consideration and Promissory Estoppel The Formation of a Contract 3 Consideration and Promissory Estoppel 1. CONSIDERATION In general, agreements or promises are contractually binding in English law only if supported by consideration.
Promissory estoppel is an equitable doctrine which in some instances can stop a person going back on a promise which is not supported by consideration.Promissory estoppel was developed by an obiter statement by Denning J (as he then was) in Central London Property Trust Ltd v High Trees Ltd (1947) KB 130 (Case summary).Denning J based the doctrine on the decision in Hughes v Metropolitan.
In Combe V. Combe ( 1951 ) CA, the tribunal held that promissory estoppel does non make a cause of action and as such the demand of consideration in formation of contract is still relevant. Promissory estoppel is a regulation of grounds that prevents the promissor from denying the truth of statement which the promisee had relied.
In this essay I will try to give accounts on the “The Rule Of Pinnel’s Case”. promissory estoppel. and how it impacted upon the philosophy of consideration. There was a pro and con between “The Rule Of Pinnel’s Case” and philosophy of consideration.