Effect of Impossible and Possible but Improbable Consideration

  1. Law
  2. Georgia Code
  3. Contracts
  4. Elements and Formation Generally
  5. Consideration
  6. Effect of Impossible and Possible but Improbable Consideration

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An impossible consideration is insufficient to sustain any promise; however, if the consideration is possible but improbable, it is sufficient to sustain the promise.

(Orig. Code 1863, § 2710; Code 1868, § 2704; Code 1873, § 2746; Code 1882, § 2746; Civil Code 1895, § 3663; Civil Code 1910, § 4248; Code 1933, § 20-309.)

RESEARCH REFERENCES

Am. Jur. 2d.

- 17 Am. Jur. 2d, Contracts, §§ 104, 106, 418, 424, 425.

C.J.S.

- 17 C.J.S., Contracts, § 129.

ALR.

- Promise of additional compensation for completing building or construction contract, 138 A.L.R. 136.

CHAPTER 4 MODIFICATION, EXTINGUISHMENT, AND RENEWAL Article 1 General Provisions.
  • 13-4-1. Alteration of written contract - Effect generally.
  • 13-4-2. Alteration of written contract - Determination of materiality of alteration; determination of fact of alteration.
  • 13-4-3. Alteration of written contract - Requirement of preliminary proof as to material alteration.
  • 13-4-4. Effect of mutual departure from contract terms.
  • 13-4-5. Effect of execution of second contract upon same matter; novation.
Article 2 Performance.
  • 13-4-20. Requirements as to performance of contractual obligations generally.
  • 13-4-21. Effect of act of God.
  • 13-4-22. Effect of refusal of party to perform concurrent condition upon offer of performance by other party.
  • 13-4-23. Effect of nonperformance caused by conduct of other party.
  • 13-4-24. Requirements for and effect of tender generally.
  • 13-4-25. Tender of chattels.
  • 13-4-26. Delivery on demand; delivery at certain time and place.
Article 3 Payment.
  • 13-4-40. Payment to creditor or agent.
  • 13-4-41. Payment by mail.
  • 13-4-42. Appropriation of payments.
  • 13-4-43. Provision requiring one party to reimburse other for federal manufacturer's excise tax; right of reimbursing party relating to timing of payments.
Article 4 Rescission.
  • 13-4-60. Rescission for fraud.
  • 13-4-61. Rights of vendor as to reclamation of goods where contract rescinded for fraud.
  • 13-4-62. Rescission for nonperformance.
Article 5 Release.
  • 13-4-80. Release of another bound jointly or primarily or acceptance of higher security for same debt.
  • 13-4-81. Covenant not to sue; bond to indemnify debtor against debt.
  • 13-4-82. Intermarriage of parties.
Article 6 Accord and Satisfaction.
  • 13-4-100. Effect of executory accord.
  • 13-4-101. Elements and requirements of accord and satisfaction generally.
  • 13-4-102. Benefit to creditor.
  • 13-4-103. Acceptance of less than amount of debt.
  • 13-4-104. Parties bound by accord and satisfaction.
Cross references.

- Remedies of purchaser under contract for sale of business opportunity where seller uses untrue or misleading statements in sale, fails to give proper disclosure, § 10-1-417.

Right of person to cancel contract in which he agrees to become member of buying club, § 10-1-590 et seq.

Right of purchaser of securities to rescind such purchase, § 10-5-5(b)(4).

Modification, rescission, of contracts for sale of goods, § 11-2-209.

Breach or repudiation of contracts for sale of goods, § 11-2-601 et seq.

Discharge of parties from liability on negotiable instrument, § 11-3-601 et seq.

RESEARCH REFERENCES

ALR.

- Effect on contract of sale of subsequent agreement to exchange, 53 A.L.R. 207.

Effect, after lapse of full period, of attempt to terminate contract without previous notice, or upon notice allowing shorter period than that stipulated, 126 A.L.R. 1110.

What amounts to waiver of termination of real estate broker's contract, 140 A.L.R. 1019.

Construction of §§ 301 and 700 of Soldiers' and Sailors' Civil Relief Act of 1940, as amended, relating to installment contracts for purchase of property, 24 A.L.R.2d 1074.

Asserted right to rescission or cancellation of contract with decedent as claim which must be presented to his personal representative, 73 A.L.R.2d 883.

Rights and liabilities as between employer and employee with respect to general bonus or profit-sharing plan, 81 A.L.R.2d 1066.

Enforceability of contract to make will in return for services, by one who continues performance after death of person originally undertaking to serve, 84 A.L.R.3d 930.

ARTICLE 1 GENERAL PROVISIONS

RESEARCH REFERENCES

ALR.

- Effect on contract of sale of subsequent agreement to exchange, 53 A.L.R. 207.

Effect, after lapse of full period, of attempt to terminate contract without previous notice, or upon notice allowing shorter period than that stipulated, 126 A.L.R. 1110.

What amounts to waiver of termination of real estate broker's contract, 140 A.L.R. 1019.

Failure of vendor to comply with statute or ordinance requiring approval or recording of plat prior to conveyance of property as rendering sale void or voidable, 77 A.L.R.3d 1058.

Failure of building and construction artisan or contractor to procure business or occupational license as affecting enforceability of contract or right of recovery for work done - modern cases, 44 A.L.R.4th 271.


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