What is the term for a substitute for consideration when another acts in reliance on a promisor's promise?

Promissory estoppel is a legal principle that addresses situations where one party relies on the promise of another party, even in the absence of a formal contract. It serves as a substitute for consideration, which is typically required to establish an enforceable contract. In instances where a promisee takes action or refrains from taking action based on the promisor's assurance, the law may enforce the promise to prevent unfairness or injustice, even without the standard consideration.

The concept of promissory estoppel is particularly relevant in cases where the promisee could suffer significant detriment if the promisor is allowed to back out of their promise. This legal doctrine helps to safeguard reliance interests, ensuring that individuals or entities are held accountable for commitments made that others have relied upon.

Other options like implied contract, unilateral contract, and contractual obligation do not encapsulate the essence of reliance on a promise in the same way that promissory estoppel does nor focus specifically on the legal consequences that arise from such reliance. Implied contracts relate to agreements inferred from actions, rather than explicit promises. Unilateral contracts involve a promise made in exchange for an act, while contractual obligation generally refers to the duties arising from any binding agreement. Thus, promissory estoppel stands