Reliance
Dependence on another party's representations or promises, which may give rise to legal rights under estoppel or contract law.
Encyclopedia entry: Reliance
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reliance
Reliance is legal concept defining the dependence by one person on another person’s or entity’s statements or actions, particularly where the person acts upon such dependence. The person on whom the person relied may be liable for damages if such reliance was reasonable and resulted in detriment to the relying person, in a doctrine known as promissory estoppel .
[Last reviewed in December of 2020 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.