The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1906-05-25
Popular Talks on Law

M0TCdn Lll0 OulidhiSs
Popular Talks on Law
Copyrighted 1905, by VIM. c. .Sprague, Presi
dent The sprague Correspondents School o.
Law.
CONTRACTS.
No. 2-The Consideration 10 Support
Contract.
The rule that every promise must
have consideration to support 1t In
order to be good In law; In other
words, that every contract must have
two sides; and the further rule thar
the considerat on, or that which is
agreed to be given for the promise
must not be something which tn
promisor Is already bound In law IT,
give, has frequent application In cases
Of settlements Of existing debts. A
owes me, we will say, $500, and the
debt is overdue. I say to shlm, PAY
me $3.50 now and l will release you
from the remainder Of the debit
He pays me e4s0, relying on my psom :
Use. Am 1 bound in law to ;reIease
him from the remainder Of the debt?
No. because the consideration for my
promise to release hsm was his paying
me $3.50, something which Ire was al.
ready bound In law 10. do. II, how
ever, he had agreed to do something
more than he was already bound TO
do, as for instance, to pay $3.50 at some
place other than that provided in the
original contract, or to pay me s4sC
aud do some specified service, then
that which was agreed to be done over
and above the mere payment of'the
e45O would be considered In the law a
sufficient consideration to support
the agreement to release the debtor
from the remainder of the debt.
1t is held, however. that II man
owes me 800 overdue, and agree to
accept something other than money,
as, say, a horse, IN full payment, i
cannot thereafter claim that the horse
was not worth 800, and that therefore
the debtor still owes me the differ
ence between the value of the horse
and the hundred dollars on the ground
Of no consideration. II one pays
something other than money, what
ever its value, in full satisfaction Of
his debt, and the creditor accepts IL,
the debt is discharged as completely
as if it had been fully paid in money.
Then, too, if the debt is not yet due,
creditors agreement to accept part
OF it at once in full discharge of the
whole debt is good, as 10 that case the
consideration is payment before the
debt is due, and that is new con-
Notwithstanding the debtor was
not bound to do.
Where the debt is uncertain In
amount. or is in dispute, 1t is held
that promise tegive release on the
pay mC IL VI q OOi Ooiu ohOuuO vi hOuCf
is good, even although it may be after
wards found that the real amount due
was more
If a creditor receives in full pay
ment from his debtor 81 me obligation
due the debtor from a third person,
the debt is discharged. even although
the transferred debt Is smaller than
the one for which it is given in pay
ment.
II a person to whom debt is due
agrees to accept negotiable promis-
sorry note for less amount than the
debt and gives a charge, he is bound
to do SO, the theory being that the
advantage the creditor gets from the
note. it being negotiable, is sufficient
consideration.
1t was held that promise of extri
pay to sailors in consideration Of thei
agreeing to finish without consIdera
ton. So was promise to pay {
witness for attendance at court NOR,
than the fees prescribed by law, 81
was a promise to reward an officer fo
arresting criminal whom the dutiel
Of his Office required him to arrest
The whole question as to whethe
or not a promise to pay less than the
whole debt will discharge the debt OF