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CONSIDERATION DRAFT II 1 (192-)

handle is hein.ali/contract0119 and id is 1 raw text is: CONSIDERATION. (Draft II.) 1. The common law Imposes no liability 6n a promisor unless the promise s under seal or is sup- ported by sufficient coosideration. And though there are exceptional eases where promises are enforced. when either the so-called consideration does'not com- ply with the requisites hiergia ter sated, or when nothing which can fairly be called consideration can be found, yet, as a general rule, consideration fulfill- ing the requisites about to be stated must be given or received, The exceptional cases are enumerated later. ILLusTtAJTI1ols: This rule is applicable to negotiable instru- ments in any action between immediate parties. Therefore, if a note was delivered by the maker to the payee as a gift, he cannot enforce it, nor can an indorsee sue his immediate indorser unless the indorser received consideration or the indor- see gave value. A recital of consideration which was not in fact given does not validate a written promise. See Treatise, §§ 99-102, 108, 115 b. § 2. The consideration for a promise may be either (a) some act or forbearajce to act, in which case if the consideration is legally sufficient a unilateral contract is formed; (b) a promise to do or to forbear from doing some act, in which case if the mutual promises are le- gally sufficient consideration for one another a bilat- eral contract is formed. Though a promise is itself a kind of act, it is in this connection distinguished from all other acts.

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