A businessperson who sells a business in reliance on a promise by another may be entitled to damages under the doctrine of promissory estoppel.

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This statement is true. Promissory estoppel is a legal principle that can be used to enforce promises made by one party to another, even if there is no contract between them. In the context of selling a business, this means that if a businessperson relies on a promise made by another party to sell their business, and the other party fails to fulfill that promise, the businessperson may be entitled to damages under promissory estoppel.

A Businessperson Who Sells a Business in Reliance on a Promise