Counterpromise Law and Legal Definition

Counterpromise means a promise made in substitution for another party’s promise. In Johnson v. Holmes Tuttle Lincoln-Mercury, Inc., 160 Cal. App. 2d 290 (Cal. Ct. App. 1958), the court observed that “Mutual promises constitute consideration. A single consideration may support several counterpromises.” Further in Wineinger v. Webb, 1984 Ohio App. LEXIS 10727 (Ohio Ct. App. 1984) , the court observed that “Failure of consideration exists wherever one who has promised to give some performance fails, without his fault, to receive in some material respect the agreed exchange for that performance. Where the counterpromise to perform relates to a material matter, the disappointed party has the right to rescind the contract.”