defense pro tanto, whether the failure is an ascertained and liquidated amount or otherwise.
ABSENCE OF CONSIDERATION
• It is total lack of any valid consideration• Examples—note for future illicit cohabitation; note of husband to wife, upon promise of wife to withdraw all opposition to proceedings of divorce instituted by him; a note given in consideration of an agreement to stifle or hinder a public prosecution for a felony; consideration for commercial paper is clearly fraudulent
• Embraces transactions where no consideration was intended to pass
FAILURE OF CONSIDERATION
• It is the neglect or failure of one of the parties to give, to do or perform the consideration agreed upon• Implies that the giving of valuable consideration was contemplated but that it failed to pass
ABSENCE AND FAILURE OF CONSIDERATION AS DEFENSES
• Matter of defense against persons who are not holders in due course• They are personal defenses
EFFECT OF WANT OF CONSIDERATION BETWEEN THE DRAWER AND ACCEPTOR AS TO HOLDER
• The drawee, by accepting unconditionally the bill, becomes liable to the holder, and cannot allege want of consideration between him and drawer• Holder is a stranger to the transaction between the drawer and drawee
