– Judgment for plaintiff was reversed.
– A promissory note (financial transaction) was made by defendant’s husband for a debt…She endorsed it by his request and delivered it to Strong.
– The debt of the husband was past due at the time.
– Only consideration by wife was that there was an agreement between the plaintiff and her for a request of forbearance on the collection of the debt (about two years).
– Judgment for plaintiff in trial court.
– It was revered in by the general Supreme Court in favor of defendant?
– Court of appeals, 1895.
– In regards to forbearance, was there any act of consideration on behalf of the defendant?
– There was no act of forbearance per say…The agreement to extend, the intended forbearance was not an act of consideration, but a formulaic approach to loaning money and debts.
– This was not a request for forbearance….It is GENERALLY understood that when your loaning money, you do not pay back immediately.
– Even though it was two years, it is generally accepted that the person in debt won’t pay back for quite sometime.
– No “fixed” time to forebear on behalf of the defendant.
– Affirmed in favor of defendant.
– No bargain for exchange
– No specific time table for debt to be paid back
– To broad to enforce
– It would hurt the marketplace.