Mitchell & Son v. LaFayette Investment & Realty Co.

1. While a promise to perform that which under an existing contract the promisor is already bound to the promisee to perform, constitutes no consideration for a contract, yet where in forming the new contract it is the expressed intention of the parties to abrogate and mutually rescind the first contract, which is executory on both sides, the promise in the new agreement is a sufficient consideration to support the new contract.

2. This being a suit against several defendants individually and a corporation promoted and organized by them, upon a contract in writing which the plaintiff alleges…