Hardesty v. Smith
Indiana Supreme Court
3 Ind. 39 (1851)
Relevant factsFree
Smith (defendant) signed promissory notes to purchase rights to an invention; the notes were later assigned to Hardesty (plaintiff), who sued to collect on them. Smith raised the affirmative defense that there was no consideration for the notes because the invention was allegedly worthless. Hardesty demurred generally to this defense, but the trial court overruled the demurrer and ruled for Smith.
IssueFree
Whether the relinquishment of a right constitutes valid consideration even if that right later proves to be valueless.