F. C. Palmer & Co. v. Chaffee

Citations

• 129 Wash. 408
• 225 P. 65

Syllabus

<p>Guaranty (3) — Acceptance—Necessity. A guaranty is binding although not formally accepted, where a landlord wrote that he would guarantee his tenant’s debt if time were extended to a certain day and the tenant’s creditor forbore suit in reliance thereon.</p> <p>Same (5) — Consideration—Sufficiency. Extension of time for payment and forbearance to foreclose a chattel mortgage on a tenant’s stock and farm implements, is a sufficient consideration to support the landlord’s guaranty of the tenant’s debt.</p> <p>Same — Remedies—Enforcement of Agreement — Action—Conditions Precedent. A guarantee is not required to exhaust his remedy against the principal debtor before suit against the guarantor, where the debt or obligation was due and absolute before the guaranty was given.</p>