The Manitowoc pilot. [volume] (Manitowoc, Wis.) 1859-1932, 1906-04-05

The rule that every promise must
have consideration to support it in or
der to be good in law in other words,
that every contract must have two sides;
and the further rule that the consldera-
ton, or that which is agreed to be given
for the promise, must not be something
which the promisor is already III law to
give, has frequent application in cases
of settlement of existing debts owes
me, we will say, $500, and the debt Is
overdue. / say to him, Pay me 500
now and | will relase you from the re-
mainder of the debt" He pays me 500,
relying on my promise. Am bound IN
law to release him from the remainder
of the debt? No, because the considera-
ton for nv promise to release him was
his paying me $3.50, something which he
was already bound IN law to do. If,
however, 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 $3.50 and do some
specified service, then that which was
agreed to be done over and above the
mere payment Of the $3.50 would be CON
sidered in the law sufficient consldera-
ton to support the agreement to release
the debtor from the remainder OF the
debt.
1t is held, however, that if man owes
me 800 overdue, and | agree to accept
something other than money, as, say,
horse in full payment, ] cannot there
after claim that the horse was not worth
300 and that therefore the debtor still
owes me the difference between the
value of the horse and the hundred
dollars on the ground of no considera-
ton. If one pays something other than
money, whatever its value, in full salts
faction of his debt, and the creditor ac-
cepts it, the debt is discharged as com
pletely as if it had been fully paid in
money.
Then, too, if the debt is not yet due,
the creditors agreement to accepta part
of it at once in full discharge of the whole
debt is good, as in that case the consid-
GRAFTON is payment before the debt is
due, and that is "a new consideration
something the debtor was not bound
to do.
Where the debt is uncertainin amount,
or is in dispute, it is held that a promise
to give a release on the payment OF a
certain amount of money is good even
although it may be afterwards found
that the real amount due was more.
If creditor receives in full payment
from his debtor some obligation due
the debtor from third person the debt
is discharged, even although the debt is
smaller than the one for which it is
given in payment.
If person to whom a debt is due a
grees to accept a negotiable promissory
note for less amount than the debt and
gives discharge, he is bound to do so.
the theory being that the advantage the
creditor gets from the note, it being ne
gotiabe is sufficient consideration.
1t was held that promise Of extra pay
to sailors in consideration Of their agree
ing to finish voyage for which they had
signed articles was without consider
alton. So was promise to pay witness
for attendance at court more than the
fees prescribed by law. SO was promise
to reward an officer for arresting a
criminal whom the duties Of his office
required him to arrest.
The whole question as to whether or
not a promise to pay less then the whole
debt will discharge the debt on the pay
ment Of the lesser amount depends en-.
tirely upon whether or not what is u.
greed to be done by the debtor is some
thing which in law he is already bound
to do, If there is anything to be given
or to be done by him other than he is
bound by law already TO do there il
sufficient consideration for the promise
to release, and the promisor will be
bound.
A promise made to one in consider.
alton o. his forbearing TO sue is made
on valid consideration. a promise made
TO one in consideration Of his forbearing
TO collect "A debt or 10 enforce payment
is made on good consideration, provided
the forbearance be for definite or rea-
sonable time. A forbearance not to
prosecute demand which il found not
to exist in law or in fact is no consider.
ton.
II creditor agrees to give up part Of
his debt in consideration of the debtors
giving him new or additional security,
his promise will have Il good considera
tion and be valid
Then, too in order for the consider
alton to be legal it must not be some
thing in the past Thus, if one does
work for me gratnitonsly and after
wards voluntarily promise to pay him