"' 4 . " " " Promisor and promisee 2 ( c ) "':-When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
32.
"' 4 . " " " Promisor and promisee 2 ( c ) "':-When the proposal is accepted, the person making the proposal is called as promisor and the person accepting the proposal is called as promisee.
33.
A promise conditioned upon an event within the promisor's control is not illusory if the promisor also " impliedly promises to make reasonable effort to bring the event about or to use good faith and honest judgment in determining whether or not it has in fact occurred ."
34.
A promise conditioned upon an event within the promisor's control is not illusory if the promisor also " impliedly promises to make reasonable effort to bring the event about or to use good faith and honest judgment in determining whether or not it has in fact occurred ."
35.
At the same time, it provides protection for the promisor and promisee in situations where there is a dispute with the third party, and allows parties to a contract to specifically exclude the protection afforded by the Act if they want to limit the involvement of third parties.
36.
This is because the counterclaim may be more valuable than the original claim, which would impose an obligation on the third party to pay the promisor money, something not appropriate under the doctrine of privity which prohibits the placing of a burden or obligation on a third party.
37.
Therefore, a LC theoretically fits as a collateral contract accepted by conduct or in other words, an implied-in-fact contract under the framework for third party beneficiary where the buyer participates as the third party beneficiary with the bank acting as the stipulator and the seller as the promisor.
38.
Promissory estoppel requires ( 1 ) an unequivocal promise by words or conduct, ( 2 ) a change in position of the promisee as a result of the promise ( " not necessarily to their detriment " ), ( 3 ) inequity if the promisor were to go back on the promise.
39.
From this finding, the plurality goes on to say that " we read this promise as the law of contracts has always treated promises to provide something beyond the promisor's absolute control, that is, as a promise to insure the promisee against loss arising from the promised condition's nonoccurrence ."
40.
Section 2 gives the third party various protections once they have chosen to enforce the act-the parties cannot alter or end the contract if the third party has told them that he wishes to enforce the contract or relied on the contract ( and the promisor knows this or could be expected to have known this ).
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