🤝 What Is Promissory Estoppel? | Lawyer Explains!

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Dive into the fundamental principles of contract law with The Sterling Firm as we explore the concept of consideration-a crucial element in the formation of legally binding contracts. In this detailed video, we clarify that every contract must involve a bargained-for exchange where mutual legal obligations and benefits flow both ways.
However, what happens when consideration is absent? We introduce you to the exception of promissory estoppel, an equitable doctrine that allows for recovery based on detrimental reliance on another’s promise, even in the absence of formal consideration. This principle is crucial when a party has acted on a promise by expending money or changing their position, despite the lack of a reciprocal exchange.
This discussion not only highlights the differences between contract and tort claims but also emphasizes the practical implications of these legal concepts in everyday transactions. Whether you’re a law student, a practicing attorney, or simply interested in the mechanics of legal agreements, this video will provide you with valuable insights into how legal promises are enforced.
Join The Sterling Firm in this insightful exploration of contract law essentials, where clarity and expert guidance meet legal education.
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Legal Disclaimer: This video is for informational purposes only and does not constitute legal advice. It is compliant with state bar rules on lawyer advertising.