For equitable estoppel in pre-contractual negotiations, it is sufficient that the plaintiff assumed, with the defendant's encouragement, that the defendant would proceed to enter into the contract; it is not necessary for the plaintiff to have assumed the defendant was legally bound to do so. Whether withdrawal is unconscionable depends on all the circumstances, including the nature of the risk of withdrawal the plaintiff was induced to assume and the extent of detriment incurred with the defendant's knowledge and encouragement. A party who incurs expenditure in reliance on an assumption that a contract will eventuate, knowing the other party is not yet legally bound, does not necessarily accept the risk of withdrawal in all circumstances.
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