NOTE

For the use of estoppel in avoiding the requirements of the Statute of Frauds, see Chapter 6, Section 4. See also Henderson, Promissory Estoppel and Traditional Contract Doctrine, 78 Yale L.J. 343, 381-383 (1969).

Is a court order compelling defendants to sign the contract justifiable? If the doctrine of promissory estoppel is designed to protect the plaintiffs' reliance interest only, shouldn't their remedy be limited to damages? The plaintiffs presumably still have the money they borrowed, which they could pay back early; if so, their loss will be limited to interest and points already paid and a prepayment penalty, if any.