314. Estoppel.

If a party takes possession of a piece of land under an expectation, created or encouraged by and with the consent of the true owner, that he is to have an interest in the land and upon the faith of such promise or expectation and without objection by the true owner lays out money on the land or alters his position to his detriment, the court will compel the true owner to give effect to such promise or representation1. Knowledge of the correct position by the true owner or the party alleged to be estopped is not an essential