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Chapter 11 Notes - 2

Chapter 11 Notes - 2 - Promissory Estoppel(detrimental...

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Ch. 11 Settlement of Claims: Accord and satisfaction, release, or covenant not to sue Accord and satisfaction – debtor offers to pay a lesser amount than the creditor purports to be owed o Accord – agreement under which one of the parties promises to perform, and the other accept, something other than that on which the parties originally agreed o Satisfaction – when the accord is executed o Liquidated debt – a amount has been ascertained, fixed, agreed on, settled, or exactly determined Accord and satisfaction cannot take place for liquidated debt Release – one party forfeits the right to pursue a legal claim o Given in good faith o Stated in signed writing o Accompanied by consideration Covenant Not to Sue – agreement to substitute a contractual obligation for some other type of legal action based on a valid claim
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Unformatted text preview: Promissory Estoppel (detrimental reliance) – a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies • Unenforceable promise is binding even without consideration if justice will be better served by enforcement 1. Clear and definite promise 2. Promisor expected promise would rely on promise 3. Promisee reasonably relied on promise 4. Promisee’s reliance was definite and resulted in substantial detriment 5. Enforcement of the promise is necessary to avoid injustice • Estopped – barred, impeded, or precluded • 1861 Group, LLC v. Wild Oats Markets, Inc. : Tenants attempt to accommodate for tenant supported elements for a claim of promissory estoppels...
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