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reasonable reliance definition
particularly in contracts, what a prudent person would believe and act upon if told
something by another. Typically, a person is promised a profit or other benefit,
and in reliance takes steps in reliance on the promise, only to find the statements
or promises were not true or were exaggerated. The one who relied can recover damages
for the costs of his/her actions or demand performance if the reliance was "reasonable.
" If the promisor says he "owned the Brooklyn Bridge," reliance on that statement
is not reasonable. In a complaint the language would read something like "in reasonable
reliance on defendant's statement (or promise), plaintiff did the following…. "
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