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The principle of Promissory Estoppel is primarily concerned with preventing someone from retracting a promise when their retraction would cause harm to another party. This legal doctrine arises in situations where one party makes a promise to another, and the latter relies on that promise to their detriment. Promissory Estoppel thus provides a mechanism for enforcing a promise, even in the absence of a formal contract, if it is established that the promisee has made significant decisions or taken actions based on that promise.

This principle serves to protect the reliance interests of the promisee, ensuring that they are not left in a precarious situation after having reasonably relied on the promise made by the promisor. It emphasizes fairness and justice in dealings between parties, particularly in informal contexts where parties may not have a written agreement, thereby preventing an unjust situation where someone can withdraw a promise at the expense of another who has relied on it.

The other options do not accurately reflect the core focus of Promissory Estoppel. The principle is not about preventing reliance on a promise, enforcing all promises indiscriminately, or formalizing verbal agreements, but rather about upholding the integrity of promises when reliance has occurred.