reliance

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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 updated in December of 2020 by the Wex Definitions Team]