ABSTRACT
A valuable consideration, in the sense of the law, may consist of either some right, interest, profit or benefit accruing to one party, or some forbearance, detriment, loss or responsibility given, suffered or undertaken by the other. Part payment of a liquidated debt in consideration for a simple promise to forego the balance is insufficient in the eyes of the law. This is known as the rule in Pinnel's Case. The plaintiff, an estate agent, was contacted by a third party on behalf of an overseas investor and asked to find hotel premises for sale in Fiji Islands. Desertion of crewmen was an emergency of the voyage and there was already a duty to work the ship home in such a case. The doctrine of equitable estoppel may, in some cases, apply to save an agreement that would otherwise fail for lack of consideration.
