BBG 231 Lecture 30: Business Law N30
6 Jan 2021
School
Department
Course
Professor
Document Summary
Promissory estoppel literally means one is not permitted to deny . Applied only in cases in which there is no contract because there is no consideration, but the court will enforce because of detriment to promise. Situations in which a promise is made and the promisee reasonably relies on that promise and suffers a detriment if the promise is not enforced. Most often applied in cases of promises made for subscriptions (pledges) to charitable institutions and referred to as charitable subscription . Partial payment of a debt statue of limitation. A partial payment of a debt generally results in the statue of limitations starting from the time of partial payment. Must be made prior to completion of time allowed by statue of limitations. Contractual capacity is an essential element of a contract. One may lack legal capacity for a number of reasons, including: infancy, insanity, or intoxication. Under common law the age of majority was 21.
