This section is from the book "The Law Of Contracts", by William Herbert Page. Also available from Amazon: Commercial Contracts: A Practical Guide to Deals, Contracts, Agreements and Promises.
The grantee cannot deny the validity of a specific existing debt which he has assumed and agreed to pay as part of the purchase price of the property conveyed to him.1 Thus he cannot set up usury as a defense,2 nor want of consideration as between the promisee and the third person,3 except in jurisdiction where the promisor is liable only if the promisee was personally liable.4
 
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