Contract Law: Promissory Estoppel as a Substitute for Consideration

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The legal doctrine of promissory estoppel is applied in all American states and finds its roots in equity. In contract law, promissory estoppel is an exception to the requirement of consideration for a contract to be enforceable. Even in the absence of bargained-for exchange, a promise is enforceable if the following three elements are satisfied: the promisor should reasonably expect to induce action or forbearance from the promisee; such action or forbearance is in fact induced; and injustice can be avoided only by enforcement of the promise. We’ll address each of these elements, the purposes of promissory estoppel, and how it’s used to prevent injustice.

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