Principles of the law of contract - Tapa blanda

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1920 Excerpt: ... A sold B, on his note, $1,200 worth of goods. Before the note became due an agreement was made that, at maturity, A would accept $200 in cash and a new note for $1,000 payable in one year. A accepted the cash but refused the new note. What are the rights of the parties? 2. A holds B's note, which is past due. An agreement is made, whereby A is to continue to hold the note for one year more, in consideration that B pays interest on said note. A indorses the note to Smith,,who has knowledge of said agreement, but Smith begins suit at once on the note. Judgment for whom? 3. Baker signed the following paper: "We, the undersigned, hereby severally promise and agree to and with the Trustees of the First Presbyterian Church, in consideration of $1, to each of us in hand paid, and the agreements of each other in this contract contained, to pay on or before three years from date hereof to said Trustees the sum set opposite our respective-names. The purpose of this subscription is to pay off the mortgage debt of $45,000." The $1 recited was not paid. Baker subscribed $5,000. He paid $2,000. Before paying the remainder he died. The Trustees of the Church sued his executors for the balance. Judgment for whom? 4. A, desiring to make a gift to his son B, wrote out, signed, sealed and delivered to B an agreement to give him a certain horse on the following day. A did not give the horse, and B sued him for breach of his covenant. In his answer, A alleged that there was no consideration for his promise. B demurred to his answer. Should the demurrer be sustained at Common Law? Under the New York law of today? 5. The pastor of a church which was in debt to the amount of $15,000 requested Adams to make a contribution to help pay off the debt. Adams promised to contr...