Currie v Misa

Currie v Misa (1875) LR 10 Ex 153; (1875–76) LR 1 App Cas 554, is an English contract law case, which in the Exchequer Chamber contains a famous statement by Lush J giving the definition of consideration in English law.

Lush J said, A valuable consideration, in the sense of the law, may consist either in some right, interest, profit, or benefit accruing to the one party, or some forbearance, detriment, loss or responsibility, given, suffered, or undertaken by the other...[1]A company named Lizardi & Co, then in good credit in the City, sold four bills of exchange to Mr. Misa, drawn from a bank in Cadiz.

Lizardi & Co. was much in debt to his banking firm, and being pressed to reduce his balance, gave to the banker a draft or order on Mr. Misa for the amount of the four bills.

Lizardi failed, and on the afternoon of the 14th the manager, learning that fact, stopped payment of the cheque.

Lush J, Archibald J, Quain J held that the banker was entitled to recover its amount from Mr Misa.