Which of the following is true regarding promissory estoppel?

Question

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Promissory estoppel refers to a promise made by one party to another on which the latter relies to his detriment, thereby making the former's promise binding. This means that the promisee must have reasonably relied on the promisor's promise, and that reliance must have caused harm or damage to the promisee. The doctrine of promissory estoppel does not require a written promise or consideration, but it does require that the promise be clear and definite enough to induce the promisee to rely on it. Also, it applies to all parties, not just merchants.

Which of the Following Is True Regarding Promissory Estoppel