Final answer:
The assertion that promissory estoppel requires the presence of consideration is false. Promissory estoppel can apply when someone has relied on a promise to their detriment, even without consideration. It's intended to prevent injustice from the breaking of promises in certain circumstances.
Step-by-step explanation:
The statement that 'a promissory estoppel cannot be applied in the case of the absence of a binding consideration' is false. Promissory estoppel is a legal principle that can be invoked to enforce a promise, even in the absence of a binding consideration, which is a traditional requirement for contracts. Instead, promissory estoppel requires that the promisor made a promise to the promisee who relied on it to their detriment. Essentially, it prevents a party from going back on a promise when it would be unjust or inequitable to allow them to do so, even if all the formalities of a contract are not present. For example, if an employer promises an employee a significant bonus at the end of a project, and the employee relies on this promise by working overtime and rejecting other job offers, the employer could be estopped from not paying the bonus even though there might not have been any consideration for the promise of a bonus.