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Contract Law- Part Payment of a Debt
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Pinnel v Cole (1602)
Pinnel v Cole (1602)
Defendant (Cole), owed plaintiff (Pinnel) 8 gbp
Defendant only paid 5
Claimant sued for outstanding payment
Held: Claimant was entitled to full amount even if they agreed to less
PART PAYMENT OF A DEBT IS NOT VALID CONSIDERATION FOR A PROMISE TO FORBEAR THE BALANCE
When is partial payment good consideration?
When is partial payment good consideration?
When it is done by a third party
What is part payment of a debt?
What is part payment of a debt?
Where the buyer believes that a lesser payment constitutes to a full payment of a debt
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