Seymour v. Goodrich

Citations

• 80 Va. 303
• 1885 Va. LEXIS 67

Syllabus

<p>1. NuxrnM PAcTU1\\I-Farlfor w/wle.-An unsealed agreement to accept a smaller sum than the entire debt, does not bind the creditor~-Pinnei's case, 5 Coke's R. 117 a. But this technical rule is now in disfavor.</p> <p>2. CoMPRorcIsE-New eiernents.-W here a new element enters into the agreement to take a part for the whole, the entire debt is satisfied; e.g. a promise to pay at an earlier day, or at a different place, or in another thing than that stipulated for it in the original agreement, or a promise by a new party to pay.</p> <p>3. IDEal-Case at bar.-M. S. and others of the firm of A. C. & Co., owed $2,000 to G.; W. agreed to pay, and paid G. $400, on G's promise to release M. and S. from the debt.</p> <p>HELD:</p> <p>The agreement was binding on G., and M. and S. were released</p>