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1) The defendant purchased a lot of land from the plaintiff and executed a promissory note for the purchase. The defendant argued there was a failure of consideration due to a prior mortgage on the land. 2) The court found that the prior mortgage did not constitute a total failure of consideration since the equity of redemption may have had some value. 3) Additionally, the defendant purchased the land with full knowledge of the prior mortgage, so its existence could not be used as a legal objection to p

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Scribd Government Docs

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