Passante v. McWilliam case brief summary
FACTS:
-The former counsel sued corporation and its directors, seeking to enforce oral promise
to provide him with three percent of corporation's stock.
-There was no consideration for alleged oral promise to provide stock, in return for counsel
procuring financing, as loan had already been arranged before offer of stock was made and
past services did not constitute valid consideration.
ISSUE:
Was there consideration present to support ownership in company?
HOLDING:
No.
RULE: Consideration must also be given in exchange for the promise. Past consideration cannot
support a contract.
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Interested in learning how to get the top grades in your law school classes? Want to learn how to study smarter than your competition? Interested in transferring to a high ranked school?
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FACTS:
-The former counsel sued corporation and its directors, seeking to enforce oral promise
to provide him with three percent of corporation's stock.
-There was no consideration for alleged oral promise to provide stock, in return for counsel
procuring financing, as loan had already been arranged before offer of stock was made and
past services did not constitute valid consideration.
ISSUE:
Was there consideration present to support ownership in company?
HOLDING:
No.
RULE: Consideration must also be given in exchange for the promise. Past consideration cannot
support a contract.
---
Interested in learning how to get the top grades in your law school classes? Want to learn how to study smarter than your competition? Interested in transferring to a high ranked school?
-->
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