PROMISSORY ESTOPPEL (EQUITABLE ESTOPPEL)(QUASI ESTOPPEL)


When one party to a contract in the absence of fresh consideration agrees not to enforce that party's rights an equity will be raised in favour of the other party. Such as equity is subject to:

• the other party being affected by the party's position.
• the promissor being able to renege on the promise upon giving reasonable notice, which need not be a formal notice, and giving a reasonable opportunity to resume his position.

The promise only becomes final and irrevocable if the promisee cannot resume his position.