What does "promissory estoppel" ensure?

Promissory estoppel is a legal principle that ensures the enforcement of a promise when one party relies on that promise to their detriment. This doctrine serves as a safeguard against injustice that could occur when a party has reasonably relied on a promise, even in the absence of a formal contract. For instance, if a business makes a promise to a supplier, and that supplier takes significant steps based on that promise—such as incurring expenses or foregoing other opportunities—and then the business fails to follow through, the supplier may be entitled to enforce the promise under the doctrine of promissory estoppel.

This principle is particularly important in contractual situations where formal agreements may not exist or where the formalities required to create a binding contract have not been satisfied. By recognizing the reliance of the parties involved, courts can provide a mechanism for relief that prevents unfair outcomes.

In contrast, the other options focus on elements of contract law that do not specifically relate to the protective purpose of promissory estoppel. Enforcement of oral contracts regardless of amount, recognition of verbal agreements, and voiding fraudulent contracts represent different aspects of contract law that do not directly address the reliance and resultant detriment at the core of promissory estoppel. Therefore, the correct interpretation of