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consideration for modification of the contract.2.OBLIGATION ARISING FROM A JUSTIFIED RELIANCE - PROMISSORY ESTOPPEL– not dependent upon an expressed contract between the parties, was there a promise? Did a party rely to his detriment on the promise? Was this reliance reasonable?7
d.Limits of Promissory Estoppel – Cochrani.the detriment suffered in reliance must be substantial in an economic senseii.the substantial loss to the promisee in acting in reliance must have been foreseeable by the promisoriii.the promisee must have acted reasonable in justifiable reliance on the promise as madee.Applications of Promissory Estoppel: i.Charitable subscriptions ii.Gratuitous bailments where bailee undertakes to preserve or insure the property delivered to her care iii.Oral promises to convey land on which the promisee then enters and make improvements iv.Occasionally – family giftsf.