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Canada (156,147)
Commerce (378)
COMM 393 (59)
Chapter

Case Brief – Caligiuri v. Tumillo - Consideration.docx
Case Brief – Caligiuri v. Tumillo - Consideration.docx
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School
University of British Columbia
Department
Commerce
Course
COMM 393
Professor
Patricia Mallia
Semester
Fall

Description
Case Brief – Caligiuri v. Tumillo (2003) Facts: - Mrs. Caligiuri gave $50,000 to her son; to start up a company to own and run a bar with other shareholders - In exchange, shareholders had to sign a promissory note in her favour - Mr. Tummillo became a shareholder, and had to sign promissory note - New promissory note signed, each shareholder promising to repay 1/6 of $50,000 to Caligiuri on demand - Company later failed, Caligiuri sued on the promissory note - Advancement of funds already been made before Tummillo came to scene Issue:  • Whether there was proper consideration given in exchange for
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