Digest - Rosenstock v Burke

CW ROSENSTOCK (as admin of estate of HW ELSER) v EDWIN BURKE, THE COOPER COP!N" 

1924 Ponente: Avancena, J. #!CTS

1. Burke Burke owned owned a yacht yacht called called Bronze Bronzewin wing g purcha purchaed ed in Au Autr trali alia a !or ale 2. Burke Burke "ortgaged "ortgaged it !or a loan o! 1##k 1##k !ro" !ro" $r Avery Avery %"anager %"anager o!  Aia Banking &orp', which he wa una(le to pay ). *le *lerr want wante ed orga organi niz ze a yacht acht clu( lu( and and el ell the the yacht acht to "e"(er o! the clu( !or 12#k 4. *ler would would keep keep 2#k 2#k a co""iion co""iion and 1##k 1##k would would go to Burke Burke +. Burke Burke acuir acuired ed a writt written en option option aying aying that *ler con-r" con-r"ed ed hi ver(al oer o! 12#k !or the yacht, with the oer open !or )# day !ro" 12 /e( 1922 0. *le *lerr propo propoe ed d cond conduc ucti ting ng a plea pleaur ure e crui cruie e the the out outh, h, with with pro" pro"in inen entt (ui (uine ne "e "en n a(oa a(oarrd the the yach yachtt a a "ean "ean  to advertie the yacht . o -3 the yacht, yacht, *ler incurred incurred e3pene e3pene o! 0k (ecaue (ecaue Burke Burke had no "oney . *ler atte"p atte"pted ted to loan 2#k !ro" !ro" $r Avery Avery (ut (ut the latter re!ued re!ued,, in view o! the u(iting de(t 9. *ler *ler noti-ed noti-ed Burke Burke that he wa now unwill unwilling ing to purcha purchae e the yacht !or "ore than #k and that he hould talk to $r Avery Avery 1#. *le *lerr wr wrote a le lette tter %) %) Apr Apriil 19 1922' t tati ating that hat he he wou would ld pay pay #k # k !or !or the the yacht acht,, with with 1# 1#k k down downpa pay" y"en entt and and +k "ont "onthl hly y intall"ent, and would ue #k worth o! tock !ro" Pickering 5nc a ecurity, igned (y Burke, *ler, Avery 11. &urr urrent ac action i i !o !or *l *ler6 re recovery o! o! 0k 0k ue ued d to to -3 -3 th the yacht !R$UENTS

1. Burke a. Agre gree"ent wa that Burke would uld pay !or repair in e3change !or gratuitou ue o! the yacht (. &ro &ro7co 7co"pl "plain aint: t: co"ply co"ply with letter letter tatin tating g ale, ale, and give downpay"ent o! 1#k TRI!L COURT

1. 8ith ith rep pe ect to Bu Burrke: Pay 0k to *le *lerr, pay 1k to &oo &ooper per &o"pany !or unpaid repair

2. 8ith repect to *ler: Purchae the yacht %appealed (y *ler to &' ISSUE

8; letter written on ) April 1922 wa a valid contract o! ale (inding on *ler RULIN$

1. ;o a. A co""on "an would ue