10 Mo. App. 411 | Mo. Ct. App. | 1881
delivered the opinion of the court.
On February 14, 1876, the defendant Kelly entered into
The law relating to the consideration necessary to'support contracts of guaranty was very clearly stated by Chief Justice Kent in a leading case: “There are,” said he, “ three distinct classes of cases on this subject, which require to be discriminated : 1. Cases in which the guaranty or promise is collateral to the principal contract, but is made at the same time, and becomes an essential ground of the credit given to the principal or direct debtor. Here, as we have already seen, is not, nor need be, any other consideration than that moving between the creditor and original debtor. 2. Cases in which the collateral undertaking is subsequent to the creation of the debt, and was not an inducement to it, though the subsisting liability is the ground of the promise without any direct and connected inducement. Here must be some further consideration shown, having an immediate respect to such liability; for the consideration for the original debt will not attach to this subsequent promise. . 3. The third class of cases * * * is when the promise to pay the debt of another arises out of some new and original consideration of benefit or harm moving between the newly contracting parties.”
The judgment is reversed and the cause remanded.