Knotts v. Preble

Citations

• 50 Ill. 226

Syllabus

<p>1. Consideration—what constitutes. It is no doubt true, that a promise made to settle a doubtful right, or to get rid of a probable liability, is binding, and made upon a good and valuable consideration, and it is no defense for the promissor to say he was mistaken in regard to his liability.</p> <p>2. But where a person’s building takes fire by accident, and the fire extends ■ to the building of another, and it is destroyed, there is no legal or moral obligation on the part of the former to make good the loss of the latter, and a note given by the owner on whose premises the fire originated, to the other party, on the false representation of the latter that he could prove the maker was the cause of the fire, and thereby induced him to believe he was in some way liable, is without consideration, and a suit thereon by the payee may be defeated on that ground.</p>