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Articles 691 - 720 of 1067

Full-Text Articles in Contracts

Contracts-Wagers - New Consideration Mar 1934

Contracts-Wagers - New Consideration

Michigan Law Review

Plaintiff and defendant were engaged in illegal stock transactions at the end of which plaintiff owed defendant $11,961.05 and defendant owed plaintiff $7,600.00. In making out the check for his debt, plaintiff deducted for the $7,600.00 and wanted to give only $4,361.05 because defendant's check for the former sum, although it had been mailed, had not yet cleared. On defendant's assurance that the check would clear and be paid, plaintiff added $7,600.00 to the check which he gave to the defendant. Defendant promptly cashed plaintiff's check and stopped payment on his own. In a suit for the $7,600, to which …

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Legal Problems In National Merchandising, Richard Ford Feb 1934

Legal Problems In National Merchandising, Richard Ford

Michigan Law Review

An interstate sales organization encounters an infinite number of problems of legal tactics, some of which recur with great frequency, and are more or less common to every industry. For discussion in this paper the writer has selected a few such problems, chiefly from the electric refrigeration business; these are presented in the belief that they are typical of many lines of national merchandising.

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Certain Evasive And Protective Devices Affecting Succession To Decedents' Estates, Alvin Evans Feb 1934

Certain Evasive And Protective Devices Affecting Succession To Decedents' Estates, Alvin Evans

Michigan Law Review

In Anglo-American law for many generations the power of an owner of property to determine the disposal of his estate at death has met with but comparatively few limitations. The statute creating this power was motivated by the assumption that the interest of the owner, reaching even beyond death, is paramount to other social interests. This power is an important item in a capitalistic system. And even if he does not exercise his power, the decedent may rest assured that another statute will do for him approximately what he may be supposed to have desired.

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Equitable Contract Remedies - Denial Of Both Specific Performance And Rescission Feb 1934

Equitable Contract Remedies - Denial Of Both Specific Performance And Rescission

Michigan Law Review

Serious problems of doing justice between parties to a contract arise where on the one hand specific performance of the contract is refused on equitable grounds such as hardship, and on the other hand rescission of the contract is denied and the contract is allowed to stand as a binding legal obligation. The objects of the present comment are two: to examine critically the situations where this result has actually been reached, and to inquire whether there is any real advantage, in the administration of contract remedies, in recognizing an intermediate ground between specific performance and rescission.

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Contracts - Liability Of The Assignee Of A Land Contract - Reformation By Extrinsic Evidence Feb 1934

Contracts - Liability Of The Assignee Of A Land Contract - Reformation By Extrinsic Evidence

Michigan Law Review

Defendant Campbell assigned a contract to purchase land from the plaintiff to the defendant bank, the evidence being undisputed that the assignment was additional security for an existing indebtedness of Campbell. A printed form containing a promise by the assignee to pay the purchase price was used. The name of the assignee was left blank in order that the name of a prospective purchaser could be filled in if an anticipated sale materialized. In an action to foreclose the land contract the vendor asked for a deficiency judgment against the defendant bank. Held, that the vendor was not entitled …

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Contracts - Rescission For Fraud - Necessity Of Restitution Feb 1934

Contracts - Rescission For Fraud - Necessity Of Restitution

Michigan Law Review

Defendant purchased an automobile from the plaintiff's assignor. While the car was in defendant's possession and prior to the start of the suit, the car was stolen from him and was later discovered in a wrecked condition. In a suit by plaintiff for the purchase price defendant sought to rescind for fraud, tendering the wrecked automobile. The contract contained a stipulation to the effect that the risk of loss or injury from any cause whatsoever was to be on defendant. Held, that defendant was not entitled to rescind because plaintiff could not be placed in status quo. American …

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Corporations - Identity As Basis For Enforcing Contract Of Predecessor Against Successor - Fraud Feb 1934

Corporations - Identity As Basis For Enforcing Contract Of Predecessor Against Successor - Fraud

Michigan Law Review

The stockholders and officers of the Old South Engraving Company, wishing to escape a contract whereby that corporation was bound to hire only union labor, organized the Old South Photoengraving Corporation which purchased the business of the Engraving Company, giving therefor 9,000 of the issue of 12,000 no-par shares and issuing the rest to the stockholders of the Engraving Company in proportion to their holdings therein. It was announced that the Engraving Company would cease operating Saturday, June 4, and employees were given due notice. On Monday, June 6, the new company began operating at the same location with non-union …

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Constitutional Law - Force And Effect Of Clauses Providing For Payment Of Private Indebtedness In Gold Jan 1934

Constitutional Law - Force And Effect Of Clauses Providing For Payment Of Private Indebtedness In Gold

Michigan Law Review

Certain Belgium company bonds were issued providing for payment of interest "in sterling in gold coin of the United Kingdom of or equal to the weight and fineness existing on September 1, 1928." After England had left the gold: standard the issuing company sought to make interest payments in depreciated pounds. Plaintiff bondholder sought to enforce payment of sufficient depreciated currency to enable him to purchase on the day of payment gold in the same quantity as he would have received had payment been due September 1, 1928. The English House of Lords held for plaintiff, reversing the decision of …

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Contracts - Fraud - Implied Representation Of Solvency Jan 1934

Contracts - Fraud - Implied Representation Of Solvency

Michigan Law Review

Defendant, a wholesale grocer, had been losing steadily for months by selling below cost, and had assets of $83,000 against liabilities of $140,000 on Nov. 21, 1929. On that date he accepted a 90-day trade acceptance drawn by claimant for cases of tomato paste which he had ordered, and which claimant now seeks to reclaim on the ground of fraud. On December 3 defendant obtained the goods, and the next day went into involuntary bankruptcy. Held, that the buyer's promise to pay implies belief in reasonable ability to pay, and that concealment of belief to the contrary is fraud …

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Federal Practice-Entry Of Judgment Notwithstanding Verdict On Undisputed Evidence Jan 1934

Federal Practice-Entry Of Judgment Notwithstanding Verdict On Undisputed Evidence

Michigan Law Review

In an action on a contract the plaintiff claimed the entire contract price as damages on the theory of an anticipatory breach by the defendant. The trial court, however, on the undisputed facts, instructed the jury that the plaintiff could recover only the damages suffered prior to the first day of the present term of court. Held, by the Circuit Court of Appeals, that the trial court should have instructed the jury to return a verdict for the plaintiff for the entire contract price, but that a new trial was not necessary and the cause should be remanded to …

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Trade Restraints - Covenants Restricting Owner's Use Of His Premises Jan 1934

Trade Restraints - Covenants Restricting Owner's Use Of His Premises

Michigan Law Review

Plaintiffs and defendant were competing theatre proprietors, owning buildings on opposite sides of the street in X city. For a monetary consideration defendant covenanted to discontinue forever the use of his building as a public theatre. Plaintiffs sought an injunction upon defendant's breach, and defendant demurred on the ground that the covenant was in restraint of trade and not ancillary to any property interest conveyed and requiring protection. Held, injunction granted, for in Ohio a contract in reasonable restraint of trade is enforceable though not incidental to some other independent contract or conveyance; and, if such transaction is necessary, …

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Trade Restraints - Inducing Breach Of Contract Jan 1934

Trade Restraints - Inducing Breach Of Contract

Michigan Law Review

Plaintiff had "exclusive requirement" contracts with 90% of the users of electricity in various communities in Texas. Defendant was in the business of selling municipal electric plants to communities under a plan whereby, on assurance that enough users would enter into exclusive contracts to make the plant a success, the defendant agreed to look for payment to the revenue of the plant only. Installation of a municipal plant would, therefore, necessitate breaches of the "exclusive requirement" contracts on the part of some of plaintiff's customers. Held, that plaintiff was not entitled to an. injunction restraining defendant from inducing plaintiff's …

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National Industrial Recovery Act - President's Re-Employment Agreement - Injunction By Labor Union Dec 1933

National Industrial Recovery Act - President's Re-Employment Agreement - Injunction By Labor Union

Michigan Law Review

Plaintiff, a Wisconsin labor union, was granted a temporary injunction restraining defendant shoe company, a party to the President's Re-employment Agreement, from "further interference with the right of its employes to organize into unions of their own free will and choice" and from "interfering with . . . the freedom of its employes in the designation of representatives of their own choice for the purpose of bargaining collectively" with the company. The court decided that defendant had violated its agreement with the President to comply with section 7 (a) of the National Industrial Recovery Act. This last was based on …

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Contracts - Conditional Sales - Effect Of Oral Promise To Insure Nov 1933

Contracts - Conditional Sales - Effect Of Oral Promise To Insure

Michigan Law Review

The plaintiff purchased from the defendant five automobile conditional sales contracts, the defendant guaranteeing the payment of all unpaid installments. The automobiles, which had been sold to third parties on these contracts, were subsequently repossessed when the purchasers defaulted in their payments. It was agreed in writing by the plaintiff and the defendant that the defendant should have possession of the automobiles and should assume all risk of loss or injury, but that title should remain in the plaintiff. Later the parties discussed the advisability of insuring the automobiles, and the plaintiff told the defendant not to have them insured …

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Contracts - Duration Of Employment When No Time Is Specified Nov 1933

Contracts - Duration Of Employment When No Time Is Specified

Michigan Law Review

The plaintiff, claiming a contract from year to year, sued to recover for the unexpired portion of the second year of his employment which defendant had terminated. The offer, made and accepted by mail, was for "the position of General Sales Manager at a salary of $15,000 per year to begin with . . . . " It further appeared that plaintiff had moved from New York to Milwaukee, that he had been making more money per year prior to this employment, and that payment by defendant had been made monthly. Held, that the hiring was indefinite and terminable …

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Equity - Election Of Remedies - Deceit After Rescission Nov 1933

Equity - Election Of Remedies - Deceit After Rescission

Michigan Law Review

Plaintiff purchaser rescinded a contract of sale on the ground of fraud and sued defendants in a deceit action, alleging as damages a payment made on the purchase price and special expense incurred by reason of making the purchase. Held, recovery for both items of damage will be allowed. Copeland v. Reynolds, (N. H. 1933) 164 Atl. 215.

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Banks And Banking - Power To Pledge Assets To Secure Private Depositors Jun 1933

Banks And Banking - Power To Pledge Assets To Secure Private Depositors

Michigan Law Review

Plaintiff railway company deposited funds in the national bank of the defendant receiver. Dissatisfied with the guaranty of his deposits by surety bonds, the plaintiff demanded and received from the bank Liberty Loan Bonds, which were deposited with the trust officer of the bank to be held as security for the repayment, on demand, of the deposits. On the insolvency of the bank, the receiver refused to turn over the bonds, whereupon the plaintiff brought an action on the contract of pledge. Held, that the contract of pledge of the bank's assets to secure the private deposit was invalid …

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Banks And Banking - Land Contract As Item For Collection Under The Bank Collection Code Jun 1933

Banks And Banking - Land Contract As Item For Collection Under The Bank Collection Code

Michigan Law Review

The petitioner deposited with A Bank a land contract. The bank was to collect payments thereon and remit them to the petitioner. After making two collections amounting to $100, the bank became insolvent and the petitioner sought a preferred claim against all the assets of the bank. The Bank Collection Code (sec. 13 of Act No. 240 of the Public Acts of Michigan, 1931) was the basis of his claim. The trial judge allowed him a preference as to cash assets on hand at the time the receiver took possession. Since it was doubtful whether there would be any cash …

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Quasi-Contracts -- Sufficiency Of Technical Benefit Jun 1933

Quasi-Contracts -- Sufficiency Of Technical Benefit

Michigan Law Review

A brokerage house, the R. Co., having purchased stock on margin for the plaintiff, requested a payment of $1100 in order to protect themselves in carrying the account. Doubting the financial stability of R. Co. the plaintiff decided to transfer the account to another firm, the defendant, and accordingly delivered to R. Co. a personal check naming the defendant as payee, at the same time orally directing R. Co. to transfer the stock and check to the defendant and from them receive payment in full. R. Co., however, falsely represented that the check was really theirs and that the plaintiff …

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Contracts - Offer And Acceptance - Silence As Acceptance May 1933

Contracts - Offer And Acceptance - Silence As Acceptance

Michigan Law Review

D had engaged P, an attorney, to sue X for $144,000 gotten by fraud, P agreeing to try the case on a 25 per cent contingent fee. While the suit was pending, D began negotiations through local attorneys for a settlement out of court, and asked P on March 4 what his fees would be in the event D accepted a compromise offer. P replied that his fee would be $12,500. On June 16 a settlement was reached, after which P was instructed to discontinue the suit. When D refused to pay the fee P sued. Held, that …

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Vendor -Purchaser-Prospective Inability Of Vendor To Convey May 1933

Vendor -Purchaser-Prospective Inability Of Vendor To Convey

Michigan Law Review

In a contract for the sale of sixty-three lots of a subdivision, the defendant agreed to take the purchase money by installments extending over a period of eighteen months, and promised to convey the premises free from encumbrances when twenty-five per cent of the sale price was paid. While the plaintiff was not in default the defendant mortgaged the entire subdivision to one who was not charged with notice, to secure the payment of bonds some of which did not mature for five years. Stipulations m the mortgage allowed the release of any lot on deposit with the mortgagee of …

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Pleading-Election Between Express Contract And Quantum Meruit Apr 1933

Pleading-Election Between Express Contract And Quantum Meruit

Michigan Law Review

The plaintiff's complaint was twofold. It first set forth an express, written building-contract. The second "cause of action" was based on the quantum meruit theory and alleged what the plaintiff's services were reasonably worth. In his answer the defendant set up a counterclaim for damages due to the plaintiff's delay and faulty construction. During the trial the court, on motion of the defendant, required the plaintiff to elect on which of the two counts it would stand. The plaintiff elected the express contract. From a judgment in its favor for a fraction of the damages demanded, the plaintiff appealed. Held …

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Municipal Corporations - Effect Of The Lowest Responsible Bidder Statutes On "Local Labor" Provisions Apr 1933

Municipal Corporations - Effect Of The Lowest Responsible Bidder Statutes On "Local Labor" Provisions

Michigan Law Review

The plaintiff, a taxpayer, brought a bill to prevent the defendant from carrying out a contract with a certain construction company. The plaintiff alleged that the requirement in the proposal for bids that all laborers should have been residents of Delaware for at least six months prior to the awarding of the contract violated the lowest responsible bidder statute. Held, it not having been shown that the requirement would, as a matter pf fact, increase the cost, it therefore did not violate the statute, Ebbeson v. The Board of Public Education in Wilmington, (Del. 1931) 156 Atl. 286.

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Quasi-Contracts-Waiver Of Tort-Suit Against Governmental Agency Apr 1933

Quasi-Contracts-Waiver Of Tort-Suit Against Governmental Agency

Michigan Law Review

County officials forcibly ejected plaintiff from five acres of his land, harvested and used plaintiff's oat crop thereon, and converted the land into a road. Held, that although a county, being an agency of the State, is not liable in tort in the absence of statute, the tort may be waived and recovery allowed on the implied promise to pay for the taking of private property for public use without just compensation. Kerns v. Couch, (Or. 1932) 12 Pac. (2d) 1011.

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Banks And Banking - Right To Recover For Benefits Conferred Under An Illegal Contract Mar 1933

Banks And Banking - Right To Recover For Benefits Conferred Under An Illegal Contract

Michigan Law Review

The Rowena State Bank, a corporation organized under the laws of South Dakota, borrowed a sum of money from the plaintiff who was the president of the bank. A state statute provided : "In all cases where money is borrowed, a bank shall issue its 'Bills Payable' and shall show the true amount of borrowed money on its books." The bank failed to comply with this statute. A short time later the defendant as superintendent of banks took charge of this bank. The plaintiff brought an action to recover upon a quantum meruit for the money loaned. Held, that …

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Contracts - Champerty Mar 1933

Contracts - Champerty

Michigan Law Review

Plaintiff leased her lands to defendant under a void oil and gas lease. One Johnston induced plaintiff to enter into a contract with him whereby Johnston agreed to pay the costs of a bill to cancel the lease in return for a new lease to himself should the bill be successful. Accordingly, this suit was brought to cancel the lease. The court, agreeing that the existing lease was void, nevertheless dismissed the bill on the ground that the contract between Johnston and plaintiff was void as against public policy, and that plaintiff had no standing in equity. Of the eight …

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Contracts - Statute Of Frauds - Moral Obligation As Consideration Mar 1933

Contracts - Statute Of Frauds - Moral Obligation As Consideration

Michigan Law Review

The defendant, who gave the plaintiff, a real estate broker, a promissory note for services rendered pursuant to an oral contract within the statute of frauds, was held liable thereon, since he had received material pecuniary benefit under circumstances giving rise to a moral obligation to pay. Elbinger v. Capitol & Teutonia Co., (Wis. 1932) 242 N. W. 568.

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Equity - Supplemental Decrees Mar 1933

Equity - Supplemental Decrees

Michigan Law Review

Appellant sold a trade name to the appellee which the latter was to use on "crayons, pastels, oil and water color paints, pens and erasers." Appellee used the name on other commodities and the appellant obtained an injunction forbidding the use of the name on any articles not mentioned in the contract. A year later, and in another term of court, the appellant moved for a supplemental decree, representing that the appellee was violating the spirit of the injunction by drafting advertising so that through association of the commodities upon which the name could be used with those upon which …

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Partnership - Consideration For Contract - Illusory Promise Mar 1933

Partnership - Consideration For Contract - Illusory Promise

Michigan Law Review

D and his three daughters executed an agreement whereby each was to get an undivided fourth interest in all of D's property. The business under this agreement was to be conducted on a partnership basis. It was agreed that D should have complete control of the business and the right to issue only such profit as he saw fit beyond the actual need of the daughters. A demand note was given in 1918 by each of D's daughters without interest. The notes were renewed and the majority of the court agreed that it was the intent of the …

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The Contracts Restatement, Grover C. Grismore Mar 1933

The Contracts Restatement, Grover C. Grismore

Michigan Law Review

A book review of OF THE LAW OF CONTRACTS. By the American Law Institute.

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