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Promissory estoppel serves as a legal principle to prevent a party from retracting a promise on which another party has relied, especially when that reliance has led to a detriment. This doctrine is focused on fairness and justice, ensuring that individuals are held to their promises in situations where one party has suffered a loss due to their reliance on the promise made by another party.

In the context of contracts, consideration is typically required to form a binding agreement. However, when a promise is made and it reasonably induces a change in position or action by the promisee, promissory estoppel can provide a remedy even without formal consideration. This prevents the promisor from backing out of the commitment once the promisee has acted or relied on the promise to their detriment.

Using promissory estoppel, courts aim to uphold the integrity of promises in certain situations, thereby promoting reliance and trust in exchanges between parties. This nuanced application helps to bridge the gap where traditional contract law might fail due to lack of consideration, thus ensuring fairness in the enforcement of promises.