On October 13, 2020, the First Department issued a decision in Weisenfeld v. Iskander, 2020 NY Slip Op. 05710, holding that a contract was void for lack of consideration, explaining:
The alleged agreement also fails for a lack of consideration. Plaintiff’s claim that her father told her that he would help locate other investors as part of the agreement is inadmissible hearsay, and she offers no other admissible evidence to support her assertions.
(Internal citations omitted).
Contract law–usually straightforward–has traps for the unwary, like the requirement that there be consideration for a contract to exist. Contact Schlam Stone & Dolan partner John Lundin at firstname.lastname@example.org if you or a client face a situation where you are unsure whether a contract exists.
Click here to subscribe to this or another of Schlam Stone & Dolan’s blogs.