Foakes v. Beer
Facts: Foakes owed a judgment of £2090.19 to Beer. They entered into an agreement that he would pay £500 at once and the rest in installments. No interest was to be paid. Beer later sued to gain the interest.
Issue: Did the contract have consideration?
Holding: No, Foakes only agreed to pay less than he was previously obligated to, thus he offered no consideration.
Reasons: No consideration means no enforceable contract.