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Synopsis This essay examines the rule knows as The Rule in Pinnels Case and how it impacted upon the doctrine of consideration It also examines the problems arising from the Rule in Pinnels Case the subsequent exceptions that were developed to circumvent the rule and in detail the most important exception of them Promissory estoppel and how it solved the problems arising from the Rule The distinction between traditional estoppel and this new type of estoppel Promissory Estoppel are also examined and how Promissory estoppel has been accepted in Australia A contract is an agreement that the law will enforce a promise or set of promises that the courts will enforce a legally enforceable contract Many problems arise that require the examination of whether a contract exists To resolve this a useful formula is Offer Acceptance Agreement and Agreement Intention Consideration Contract Consideration is defined by Sir Frederick Pollock as an act or forbearance of the one party or the promise thereof which is the price for which the promise of the other is bought and the promise thus given for value is enforceable The process outlined forms the vast majority of contracts An offer is made by party A to party B that offer or some negotiated variation of it is accepted by party B Therefore an agreement exists All of those components are necessary for a contract to exist The type of contract that will be examined in this essay is one that is made between a Creditor the party that lends out the money to the Debtor and a Debtor the party who borrows the money from the Creditor It will also be examined how The Rule in Pinnels Case was an unfair rule and how the problem arising from the Rule in Pinnels Case was solved The Rule in Pinnels Case states that payment of less than you owe will not
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