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

bound 10 40. Ii bnere is dpy uhipk "
be given or to be done by him othel
than he is bound by law already TO az
there is sufficient consideration FOL
the promise to release, aud the prom
isor will be bound.
A promise made to one In consider
alton of his forbearing to sue Is made
on valid consideration. A promise
made to one in consideration OF his
forbeariug to collect debt or to en-
force payment is made on good con-
sideration, provided the forbearance
be for definite or reasonable time
A forbearance not to prosecute de-
msnd which is found not to exist In
law or In fact Is NO consideration.
If creditor agrees to give up part
of his debt in consideration OF the
debtors giving him new or additional
security, his promise will have good
consideration and be valid.
Then, too, 10 order for the consider
alton to be legal. 1t must not be some
thing In the past, Thus, II one does
work for me gratuiteusly and l after
wards voluntarily promise to pay him
for it'll am not bound In law to keep
the promise, the consideration having
been something in the past. So II l
have bought horse and not at the
time required a warranty, and I after
wards 90 to the person from whom l
bought 1t and ask for warranty, Q
warranty then given, unless some
thing is paid or promised to DO paid on
it, is not valid In the law.
III promise to repay to strangers
what they may pay out in the future
in taking care of my sick son, who Is
Of full age, the promise is supported
py a valid consideration and is legally
binding. II. however, strangers take
care of my sick son who Is OF full age
and 1 afterwards promise to reimburse
them, my promise is without consider
alton, as 1t is based upon past acts.
may be morally bound TO do SO, but l
am not legally 80 bound.
1t has been held that where the act
is done at the request Of another per-
ION under such circumstances that
he law will imply a promise to pay
What the service is worth, a subse-
quent promise TO pay will be binding,
The theory being that the parties have
reduced to certainty what they have
purposely left undetermined.
As an exception to the rule that
promises cannot be based on con-
sideration, that is past we name prom
i'es to pay debts barred by the statute
of limitations or BY discharge IN
bankruptcy. Courts SO holding have
declared that the moral obligation to
pay a debt barred by statute or by
Ia bankruptcy is sufficient
to uphold the promise,
Another rule is that the considers
tion must,be something possible. A
promise to do something that cannot
In the nature Of things be done is not
valid consideration to support con.
tract. Not only a thing which is
physically impossible, but also thing
which is legally impossible cannot be
made a consideration. A mere stock.
holder In corporation cannot exc
cute a legal deed for the corporation.
A promise BY stakeholder to do so
would not be . legal consideration for
a contract.
The question arises as to whether
the fact that one is morally obliged
TO do thing will make his promise
TO do it valid as consideration for q
contract. We have seen that where
me is legally bound to do thing his
promise to do it will not make legal
confederation. The rule is that
moral obligation will not uphold
{ romise.
There is one other point we should
C consider before passing from the sub
] ,ct of consideration. Sometimes a
consideration is said to fail. II l
promise to pay man a hundred dol
ars in consideration of his agreeing
10 sell me his. chestnut colt. the con
liberation supporting nay promise to
pay In his promise to convey the title
TO the animal to me. II before he
1oes so the horse dies, there is total
failure of consideration. There is alb
Solutely no way possible by which he
may fulfill his agreement.
Where patent right was consid-
Grafton Of contract, and it was found
that the patent right was void, the
consideration was said to have failed
che mere fact that a patent right
that constituted the consideration Of
a consideration of contract could
not be applied to any useful purpose
and was Of no value did not constitute