Mortgages
US Constitution
Contract Law

What is a Promissory Estoppel?

User Avatar
Wiki User
2010-03-08 16:47:24

The mortgage co. has so many days required by law to respond to

the request in writing to establish the pay-off amount of mortgage

note with validation if they fail to do so they are in serious

violation of statute and are at risk for fines an/or penalities by

the state licencing board, etc.!

If one party promises to excuse the other party from their

duties, but then goes back on this promise in a unfair way, the

court may allow this following the equitable doctrine of promissory

estoppel, established in the case of Central London Property trust

v High Trees House (1949).


Copyright © 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.