Louisiana State University Promissory Estoppel Essay

Your response should be at least 150- 300 words long. Please think aboutthe questions and reply thoughtfully and courteously, according tonetiquette rules. Use good English grammar, correct punctuation, andcomplete sentences. While the posts will mostlybe judged by their thoughtfulness and completeness, I reserve theright to take off points for grammatical errors, especially if theyinterfere with the clarity of the post.

Prompt

In your

response, be sure to address both parts of the following prompt. This is

an opportunity to develop and clarify your thinking when applying legal

principles to real-world scenarios.

Part 1: What is the doctrine of promissory estoppel and how is it used? Give a brief example.

Part 2: In the following scenario, should Green Oak Stores be held to its promises? Explain.

Green Oak Stores told the Williams family that, uponreceiving a payment of approximately $700,000, a convenience storefranchise would be built for them in a new location. Upon the advice ofGreen Oak, the Williams bought a small convenience store in theirhometown in order to get management experience. After the Williamsoperated at a profit for six months, Green Oak advised them to sell thesmall convenience store, assuring them that Green Oak would find them alarger store somewhere else. Although selling at that point would costthem much profit, the Williams followed Green Oak’s instructions. Inaddition, to obtain sufficient funds for the deal, the Williams soldtheir gas station business in their hometown. The Williams also soldtheir home, and moved to a new house in the city where their new storewas to be located. Green Oak then informed the Williams that it wouldtake $800,000, not $700,000, to complete the deal. The family rushed tofind enough money. However, when told by Green Oak that it would nowcost them $850,000 to get their new franchise, the Williams decided tosue instead.