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promissory estoppel

Promissory estoppel is an equitable theory of recovery that permits enforcement of a promise when one or more elements necessary to create an enforceable contract are missing.

The elements of promissory estoppel are generally: (1) a promise; (2) foreseeability of reliance by the promisor; (3) substantial and reasonable reliance by the promisee to its detriment; and (4) enforcing the promise is necessary to avoid injustice.

In New Mexico, promissory estoppel serves as a legal remedy that allows a party to enforce a promise even when a formal contract does not exist or when certain elements of a contract are missing. The doctrine is based on principles of fairness and is designed to prevent injustice that would result if the promise were not enforced. The elements required to establish promissory estoppel in New Mexico include: (1) a clear and definite promise, (2) the promisor's expectation or foreseeability that the promisee will rely on the promise, (3) actual reasonable and substantial reliance on the promise by the promisee, and (4) a finding that injustice can only be avoided by enforcing the promise. New Mexico courts will consider these factors when determining whether to apply promissory estoppel in a given case. It is important to note that the application of promissory estoppel can vary based on the specific circumstances of each case, and an attorney can provide guidance on how the doctrine may apply to a particular situation.

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promissory estoppel

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Contracts

promissory estoppel