Word of Mouth: When are oral modifications of written agreements binding? Part IV – Equitable Estoppel

Equitable estoppel differs from promissory estoppel in that whereas promissory estoppel requires a clear, unambiguous promise, equitable estoppel may be established by conduct alone. To establish a claim of equitable estoppel, three elements must be established: (1) conduct which amounts to a false representation or concealment of material facts; (2) intention that such conduct will […]

Word of Mouth: When are oral modifications of written agreements binding? Part III – Promissory Estoppel

Promissory estoppel arises when one party makes an oral promise to another party who relies on that promise and suffers some damage as a result. Under New York law, the elements of promissory estoppel are a clear and unambiguous promise, reasonable and foreseeable reliance by the party to whom the promise is made, and an […]

Word of Mouth: When are oral modifications of written agreements binding? Part II – Waiver

Under New York law, a waiver is “a voluntary relinquishment of a known right, which would have been enforceable, but for the waiver.” In other words, a waiver occurs when a party intentionally gives up a right that it knows that it has and that it would otherwise have been able to enforce. New York […]

Word of Mouth: When are oral modifications of written agreements binding? Part I – Part Performance

Most well-drafted legal documents include language that provides that the agreement cannot be modified except by a written agreement signed by both parties — or some other provision of similar effect. You may think that means that nothing you say can modify the documents. However, this is not necessarily the case. Under New York law, […]

3 Lessons for Foreclosing Lenders

In this article we will look at three lessons that can be learned from the existing case law in New York to prepare lenders for some of the defenses that borrowers may raise in foreclosure proceedings. 1. Wait for a payment default Whenever possible, lenders should wait to commence foreclosure proceedings until the borrower has […]