What is estoppel by silence?
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What is estoppel by silence?
A type of estoppel that prevents someone from asserting something when that person had both the duty and the opportunity to speak up earlier, and his or her silence put another person at a disadvantage.
Is promissory estoppel an equitable remedy?
Recognizing that promissory estoppel is an equitable theory used to avoid injustice and enforce good faith, federal courts are circumventing the preemption provisions of acts like ERISA, LMRA, and others in divining a remedy sua sponte and fashioning a federal promissory estoppel claim patterned primarily on the …
Does promissory estoppel extinguish rights?
In Combe V. Combe (1951) CA, the court held that promissory estoppel does not create a cause of action and as such the requirement of consideration in formation of contract is still relevant. Promissory estoppel may permanently extinguish the rights of the promissor to claim lump sum after part-payment.
Which of the below are key elements of promissory estoppel?
The following elements must be present for the doctrine of promissory estoppel to be enforceable:
- Promisor made a significant promise to cause the promisee to act on it.
- Promisee relied on the promise.
- Fulfillment of the promise is the only way the promisee can be compensated.
Is promissory estoppel a substitute for consideration?
The doctrine of promissory estoppel is an alternative to the doctrine of consideration. It refers to a contract that cannot be withdrawn because one party acted on the other parties’ promise. It implies that a contracted promise is enforceable by law even without any consideration present.
What is meant by partnership deed?
Partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners. It specifies the various terms such as profit/loss sharing, salary, interest on capital, drawings, admission of a new partner, etc.
Who is nominal partner?
: a person who holds himself out as a partner or permits a partner to hold him out as a copartner though in fact he is not a partner.
