COMM 393 Lecture Notes - Lecture 3: Small Claims Court, Promissory Note, Syncrude
Document Summary
Plaintiff: mrs. caliguiri, who gave ,000 to her son so he could start up a company to own and run a bar. All shareholders had to sign a promissory note in her favour. Defendant: mr. tummillo, became a shareholder and had to sign a promissory note, and two months after becoming a shareholder, a new promissory note was signed promising to repay. 1/6 of the ,000 to caligiuri on demand. When the company later failed, caligiuri sued on the promissory note, but tummillo argued there was no consideration for his signing of the note. Since the ,000 was first paid to caligiuri"s son (not the company to which tummillo is a shareholder of), he argues there was no consideration flowing to him. Consideration is defined: some right, interest, profit or benefit accruing to the one party or some forebearance, detriment, loss or responsibility given, suffered, or undertaken by the other.
