Question: As a general rule, merely performing an existing legal duty is not sufficient consideration in contract law.
Which of the following is/are Exceptions to this rule?
1) Where the consideration offered goes above and beyond existing legal duties.
2) Where performing existing duties confers a benefit of a practical nature on the other party.
3) Where the doctrine of promissory estoppel applies.
In the above question, what does promissory estoppel mean. Is it the same as agency by estoppel. What is the difference
Also how is promissory estoppel related to existing legal duty
What does the option 2) mean and why is it not an exception to the rule stated in the question
Ask the Tutor ACCA LW
contract
'Estoppel' means 'being prevented' so promissory estoppel is where, After someone has made a promise to another person, and that person has acted on the basis that that promise will be kept, the promisor is estopped from denying that promise
Promissory estoppel doesn't appear to be related to the question!
Option 2 means that, where, by performing, that performance becomes beneficial to the other party, then that performance should be considered to be sufficient consideration
OK?
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