Illustration of rules relating to consideration, Business Law and Ethics

Illustrtaion of Rules relating to consideration

Foakes v Beer (1884)

Actually On the date 11th of August, 1875 Mrs Beer wrapped judgment next to Dr. Foakes for £2,077 17s 2d to debt and £13 ls 10d  for costs.  Well On the date 21st of December 1876 a memorandum of agreement was made and signed through Dr Foakes and Mrs Beer such Dr Foakes paid £500 at once and  then the balance in instalments of £150 on the first day of July and January or during one calendar month after each of the said days respectively in every year until the complete of the £2,090 19s Od was paid, thus Mrs Beer would not "take any proceedings anything on the judgment".  On the contrary Dr Foakes paid the entire sum of £2090 19s Od as had been agreed whereupon Mrs Beer asked him for pay the interest accrued on such judgement.  Then he rejected to do so, relying on the agreement between him and Mrs Beer there.  Hence Mrs Beer successfully sued to the interest after contending such the agreement between her and Dr Foakes was unsupported through consideration.  Dr Foakes' appeal for the House of Lords was dismissed with costs.

Lord Selborne stated:

"Without a doubt if the appellant had been under no antecedent obligation for pay the whole debt, thus his fulfilment of the condition might have imported some consideration upon his part about that promise.  Although he was under that antecedent obligation; whereas and payment at those deferred dates so through the forbearance and indulgence by the creditor, of the residue of the principal debt and costs, could not as like in my opinion be a consideration to relinquishment about interest and discharge of the judgement"

Posted Date: 1/22/2013 2:54:56 AM | Location : United States







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