ESTOPPEL (EQUITABLE ESTOPPEL)(QUASI ESTOPPEL)
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.
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.
promise only becomes final and irrevocable if the promisee cannot
resume his position.