Jordan v. Dobbins
Massachusetts Supreme Judicial Court
Contract upon the following guaranty: “ For value received, the receipt whereof is hereby acknowledged, the undersigned does hereby guaranty to Jordan, Marsh & Co. the prompt payment by George E. Moore to Jordan, Marsh & Co., at maturity, of all sums of money and debts which he may hereafter owe Jordan, Marsh & Co. for merchandise, which they may from time to time sell to him, whether such debts be on book account, by note, draft or otherwise, and also any and all renewals…
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Contract upon the following guaranty: “ For value received, the receipt whereof is hereby acknowledged, the undersigned does hereby guaranty to Jordan, Marsh & Co. the prompt payment by George E. Moore to Jordan, Marsh & Co., at maturity, of all sums of money and debts which he may hereafter owe Jordan, Marsh & Co. for merchandise, which they may from time to time sell to him, whether such debts be on book account, by note, draft or otherwise, and also any and all renewals of any such debt. The undersigned shall not be compelled to pay on this guaranty a sum exceeding $1000, but this guaranty…
1Opinion of the CourtMorton, J.
An agreement to guarantee the payment by another of goods to be sold in the future, not founded upon any present consideration passing to the guarantor, is a contract of a peculiar character. Until it is acted upon, it imposes no obligation and creates no liability of the guarantor. After it is acted upon, the sale of the goods upon the credit of the guaranty is the only consideration for the conditional promise of the guarantor to pay for them.
The agreement which the guarantor makes with the person receiving the guaranty is not that I now become liable to you for anything, but that if you…
2Cited by41 opinions
- Milliken v. PrattMassachusetts Supreme Judicial Court · 1878
- Beall v. BeallCourt of Appeals of Maryland · 1981
- Danby v. Osteopathic Hospital Ass'n of DelawareSupreme Court of Delaware · 1954
- Bedford v. KelleyMichigan Supreme Court · 1913
- Gay v. WardSupreme Court of Connecticut · 1895
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