The reason behind this was that Cole had repaid only? To this Cole submitted that Pinnel had accepted this lesser payment in full satisfaction of the amount owed to him.
Get Full Essay Get access to this section to get all help you need with your essay and educational issues. There were 4 main criticisms responded to this rule which were stated by Hickling. However, it had been used for to years until Dening J developed the promissory estoppel.
Next, it is also criticized as it illegally extended the doctrine of consideration from creating a contract to modifying a contract. Thirdly, it is criticized, as it will only produce ridiculous results if the promisor and promisee are left to put their own values on things, as consideration can be anything.
It is because a lower value of thing can substitute the higher sum of payment. It is better for a creditor to receive a lower sum of money or to let the debtor facing bankruptcy. Consideration is one of the essentials that constituted a contract.
It has to move from the promisee, however, it need not move to the promisor. It assisted the promisee and minimized the disadvantages that they might encounter. Promissory estoppel is one of the exceptions. Dening J developed promissory estoppel to limit the traditional estoppel and to extend the doctrine.
The cases of Foakes v Beer and High Trees Case were both about the breach of promises of the promisors.
Both the promisees had acted on their detriment. However, only the promisee in High Trees Case was protected because of the doctrine of promissory estoppel. The subsequent development followed the decision of Dening J and promissory estoppel was that promissory estoppel could be used as a shield as long as a sword to enforced the promisor to enter into a contract if the promisee had acted his detriment.
It can be used to defense the promisee. Contract is a binding agreement between two or more parties. It is constituted by 6 essentials, which are legality, intention to create legal relation, consideration, acceptance, capacity, and offer.
It can be either in written or in oral form. However, oral contract will be more difficult to prove its existence in the future if go to court as compared to written contract. Contract is bound for valuable benefit, which is called consideration. Consideration is the essential that incurred in the following cases, which will be discussed further in the discussion section.
Consideration is the essential that enters a party into a contract. It should be bargained between two parties and must have value for the consideration. Forbearance can also be a consideration, too.
It was because consideration was part of the factor that caused Cole had to pay the remaining sum of the debt to Pinnel. Dening J developed promissory estoppel when he judged the High Trees Case.
The emergence of promissory estoppel had changed the judgment of the cases after High Trees Case. Lastly, I will discuss the relevant subsequent developments after the rising of promissory estoppel.The rule in Pinnel’s case, which had been in existence for more than a hundred years prior to this decision, states that from the perspective of common law no part – payment can constitute satisfaction for the total amount owed.
Essay On Promissory Estoppel To begin with, the case as regards Richard and Ernie is related to the Doctrine of Promissory Estoppel, which is derived from Equity.
According to this doctrine, if one party to the contract (promisor) makes a promise which the other party to the contract (promisee) acts upon, the promisor is 5/5(1). Promissory estoppel is an equitable remedy that prevents a party from ‘going-back on’ or rescinding a promise.
Clearly the concept is not simple as just preventing the rescission of a promise. How does promissory estoppel operate?
In this essay I will attempt to give explanations on the "The Rule Of Pinnel's Case", promissory estoppel, and how it impacted upon the doctrine of consideration.
There was a pro and con between "The Rule Of Pinnel's Case" and doctrine of consideration. In this essay I will attempt to give explanations on the “The Rule Of Pinnel’s Case”, promissory estoppel, and how it impacted upon the doctrine of consideration. There was a pro and con between “The Rule Of Pinnel’s Case” and doctrine of consideration.
An Examination of the Rule in Pinnel's Case PAGES 4. WORDS 2, View Full Essay. More essays like this: the rule in pinnels case, promissory estoppel, traditional estoppel. Not sure what I'd do without @Kibin - Alfredo Alvarez, student @ Miami University.
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