O.C.G.A. § 13-3-47 (2019)
Effect of impossible and possible but improbable consideration
An impossible consideration is insufficient to sustain any promise; however, if the consideration is possible but improbable, it is sufficient to sustain the promise.
History
(Orig. Code 1863, § 2710; Code 1868, § 2704; Code 1873, § 2746; Code 1882, § 2746; Civil Code 1895, § 3663; Civil Code 1910, § 4248; Code 1933, § 20-309.)
Annotations
JUDICIAL DECISIONS If impossibility of performance results from act of law, nonperformance of contract excused. Macon & B.R.R. v. Gibson, 85 Ga. 1, 11 S.E. 442, 21 Am. St. R. 135 (1890). Cited in LaGrange Lumber & Supply Co.
v. Farmers & Traders Bank, 37 Ga. App. 409, 140 S.E. 766 (1927); Golden v. National Life & Accident Ins. Co., 189 Ga. 79, 5 S.E.2d 198 (1939); Norris v. Johnson, 209 Ga. 293, 71 S.E.2d 540 (1952).
RESEARCH REFERENCES Am. Jur. 2d. - 17 Am. Jur. 2d, Contracts, §§ 104, 106, 418, 424, 425. C.J.S. - 17 C.J.S., Contracts, § 129.
ALR. - Promise of additional compensation for completing building or construction contract, 138 ALR 136.
CHAPTER 4 MODIFICATION, EXTINGUISHMENT, AND RENEWAL Article 1 General Provisions Sec.
Alteration of written contract - Effect generally. Alteration of written contract - Determination of materiality of alteration; determination of fact of alteration. Alteration of written contract - Requirement of preliminary proof as to material alteration. Effect of mutual departure from contract terms. Effect of execution of second contract upon same matter; novation.
Sec.
Article 4 Rescission
Article 2 Performance
Rescission for fraud. Rights of vendor as to reclamation of goods where contract rescinded for fraud. Rescission for nonperformance. Article 5
Requirements as to performance of contractual obligations generally. Effect of act of God. Effect of refusal of party to perform concurrent condition upon offer of performance by other party. Effect of nonperformance caused by conduct of other party. Requirements for and effect of tender generally. Tender of chattels. Delivery on demand; delivery at certain time and place. Article 3 Payment
Payment by mail. Appropriation of payments. Provision requiring one party to reimburse other for federal manufacturer’s excise tax; right of reimbursing party relating to timing of payments.
Release
Article 6 Accord and Satisfaction
Payment to creditor or agent.
Cross references. - Remedies of purchaser under contract for sale of business opportunity where seller uses untrue or misleading statements in sale, fails to give proper disclosure, § 10-1-417. Right of person to cancel contract in which he agrees to become member of buying club, § 10-1-590
Release of another bound jointly or primarily or acceptance of higher security for same debt. Covenant not to sue; bond to indemnify debtor against debt. Intermarriage of parties.
Effect of executory accord. Elements and requirements of accord and satisfaction generally. Benefit to creditor. Acceptance of less than amount of debt. Parties bound by accord and satisfaction.
et seq. Right of purchaser of securities to rescind such purchase, § 10-5-5(b)(4). Modification, rescission, of contracts for sale of goods, § 11-2-209. Breach or repudiation of contracts for sale of goods, § 11-2-601 et seq. Discharge of parties from liability on negotiable instrument, § 11-3-601 et seq.
RESEARCH REFERENCES ALR. - Effect on contract of sale of subsequent agreement to exchange, 53 ALR 207. Effect, after lapse of full period, of attempt to terminate contract without previous notice, or upon notice allowing shorter period than that stipulated, 126 ALR 1110. What amounts to waiver of termination of real estate broker’s contract, 140 ALR 1019. Construction of §§ 301 and 700 of Soldiers’ and Sailors’ Civil Relief Act of 1940, as amended, relating to installment contracts for purchase of property, 24 ALR2d 1074.
Asserted right to rescission or cancellation of contract with decedent as claim which must be presented to his personal representative, 73 ALR2d 883. Rights and liabilities as between employer and employee with respect to general bonus or profit-sharing plan, 81 ALR2d 1066. Enforceability of contract to make will in return for services, by one who continues performance after death of person originally undertaking to serve, 84 ALR3d 930.
ARTICLE 1 GENERAL PROVISIONS RESEARCH REFERENCES ALR. - Effect on contract of sale of subsequent agreement to exchange, 53 ALR 207. Effect, after lapse of full period, of attempt to terminate contract without previous notice, or upon notice allowing shorter period than that stipulated, 126 ALR 1110. What amounts to waiver of termination of real estate broker’s contract, 140 ALR 1019. Failure of vendor to comply with statute or
ordinance requiring approval or recording of plat prior to conveyance of property as rendering sale void or voidable, 77 ALR3d 1058. Failure of building and construction artisan or contractor to procure business or occupational license as affecting enforceability of contract or right of recovery for work done - modern cases, 44 ALR4th 271.