CONTRACTS-WAGERS - NEW CONSIDERATION

Authors

Abstract

Plaintiff and defendant were engaged in illegal stock transactions at the end of which plaintiff owed defendant $11,961.05 and defendant owed plaintiff $7,600.00. In making out the check for his debt, plaintiff deducted for the $7,600.00 and wanted to give only $4,361.05 because defendant's check for the former sum, although it had been mailed, had not yet cleared. On defendant's assurance that the check would clear and be paid, plaintiff added $7,600.00 to the check which he gave to the defendant. Defendant promptly cashed plaintiff's check and stopped payment on his own. In a suit for the $7,600, to which the defense of illegality was interposed, it was held that the plaintiff could recover. Joel Stockard & Co. v. Reis, 263 Mich. 155, 248 N. W. 580 (1933).

Recommended Citation

CONTRACTS-WAGERS - NEW CONSIDERATION, 32 Mich. L. Rev. 698 (1934).
Available at: https://repository.law.umich.edu/mlr/vol32/iss5/14