BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -There are important exceptions to the general rule that mutual consideration is necessary for a valid contract or binding promise. When someone intends a gift but consideration is not present, a promise may be enforced under the doctrine of promissory estoppel.

Detailed explanation-2: -If an agreement is in writing and registered between two parties in close relation (like blood relatives or spouse), based on natural love and affection, then such an agreement is enforceable even without consideration.

Detailed explanation-3: -The promissory estoppel doctrine is an exception to the requirement of consideration for contracts. Promissory estoppel is triggered when one party acts on the other party’s promise.

Detailed explanation-4: -Promissory estoppel involves a clear and definite promise, while equitable estoppel involves only representations and inducements. The representations at issue in promissory estoppel go to future intent, while equitable estoppel involves statement of past or present fact.