• Discharging Liabilities (Debt)

  Stamp as consideration on contract

  Posted by Brandon-Nicholas on September 16, 2023 at 2:16 pm

  Hi there,

  Is someone able to explain the concept of putting a stamp on something and signing over it? In this case I am asking in the context of discharging a loan using Acceptance 4 value, BoE, e.tc.

  My current innerstanding of this is that for a valid contract there needs to be consideration (something of value?), hence the stamp.

  So I get that a stamp has value (e.g. $1.10) but how does that discharge the liability to pay an amount higher than $1.10?

  I also don’t innerstand why you out your autograph over the stamp?

  If someone could write an explanation to this that a 5 year old could innerstand, that would he appreciated.

  Cheers 🙂

  Brandon-Nicholas replied 1 year, 9 months ago 1 Member · 0 Replies
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