Commentary

60 Valuable consideration necessary

CHOSES IN ACTION vol 7
| Commentary

60 Valuable consideration necessary

| Commentary

60 Valuable consideration necessary

In addition to the consent of all parties being obtained, it is necessary that the new contract should comply with all other requirements of an original contract1. There must, for example, be valuable consideration; but as a general rule the rescission of the former agreement of itself constitutes sufficient valuable consideration.

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