Supreme Court of Iowa May 31, 1888 (Melhop, Son & Co. v. Tathwell)

Reed, J.

The agreement pleaded by defendants is as follows: “We, the undersigned creditors of the firm of Tathwell & Brownell, of Springville, Iowa, do hereby agree to accept, in full payment and satisfaction of our accounts and claims against said firm, fifty per cent, of said accounts, the consideration therefor being that all of the creditors of said firm shall accept said fifty per cent, of