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Keep an offer open by estoppel

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Keep an offer open by estoppel

  • This topic has 1 reply, 2 voices, and was last updated 13 years ago by MikeLittle.
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  • May 31, 2011 at 11:42 am #48782
    danielglover
    Member
    • Topics: 13
    • Replies: 100
    • ☆☆

    Can you do that, or do you need consideration. It makes sense that you can because one party does something to their detriment and the other party relies on that.

    June 1, 2011 at 3:16 pm #82717
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23303
    • ☆☆☆☆☆

    What consideration was given in exchange for keeping the offer open?
    If none, then “No”

    Promissory Estoppel is where one party gives a promise which the promisee takes and changes their own position on the strength of that promise. Did the offeree ( in your hypothetical example ) change their position as a result of the promise to keep the offer open?

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