Dougherty v. Salt

227 N.Y. 200, 125 N.E 94 (1919)

Facts

P, a boy of eight years, received from his aunt, D's testatrix, a promissory note for $3,000 payable at her death or before. Use was made of a printed form, which contains the words 'value received.' The reason for the note was that the aunt was taken by P. There was no evidence that the note was given for any other reason than a gift to the boy and that he had brought joy to his aunt. After the note was made it was given to P with the words, “You have always done for me, and I have signed this note for you. Now do not lose it. Someday it will be valuable.” The issue before the court was whether there was consideration for the note. The jury found that there was but the trial court set aside their verdict in the favor of P and dismissed the complaint. The Appellate Division reversed that judgment and reinstated the verdict; the writing itself was sufficient consideration.