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Essay / Research Paper Abstract
This 4 page paper examines when an agreement for a part payment of a debt is binding on a creditor and how promissory estopple plays a role. The paper explains the doctrine of promissory estopple and shows when it can be used as an effect defence. Cases are cited to illustrate points raised. The paper is written with reference to English law. The bibliography cites 3 sources.
Page Count:
4 pages (~225 words per page)
File: TS14_TEpromestop.rtf
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Unformatted sample text from the term paper:
the debt is due to be repaid John looses his job. The questions is to look at a range of scenarios and consider if a part payment can be seen
as fully satisfying the debt. To do this we need to look firstly at part payments of debts and also at promissory estoppel and apply these to the scenarios given.
The usual common law position is that part payment of a debt is not sufficient to prevent recovery of an outstanding amount. The case to be cited here is that
of Foakes v Beer (1884) 9 App Cas 605 (Card et al, 1998). In this case Foakes owed money to Mrs Beer under a judgment. The agreement was for the
money to be repaid in instalments and no further action to be taken by Mrs Beer, but the agreement did not address the issue of the interest on the debt.
Mrs beer took actions for the interest, arguing that there was no consideration for that promise, and as such it was not a promise that could be enforced (McKendrick, 1998).
The repayments of the debt were owing anyway and as such this could not count as consideration. There are some exceptions to this, for example, in Pinnels Case (1602)
5 Co Rep 117a it was found that where the payment of part of a debt was at the creditors request, that early payment of part of a debt that
would not normally take place at that time and place, could be seen as consideration for promise (McKendrick, 1998). However, in the case provided by the student none of the
scenarios allow for an early repayment. The common law position was therefore one where even if a debtor believed the creditor to be satisfied a debt has been satisfied with
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