W. B. Saunders Co. v. Galbraith

MAUCK, PJ.

While it is well understood as an elementary principle of the law of contracts that a consideration must exist to render a promise, enforeible, there are several varieties of obligations that have long been held to be valid in which it .is difficult to see any consideration. Among these are new promises to pay debts extinguished by a discharge in bankruptcy or barred by the statute of limitations. Sometimes it has been said that these old obligations created a moral liability sufficient to stand as a consideration although a mere moral obligation of itself is no consideration at…