Petterson v. Pattberg - mortgage. Issue: Whether the letter...

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Petterson v. Pattberg 248 N.Y. 86 (1928) Fact: Operative Facts: The lender wrote a letter stating “I hereby agree to accept cash for the mortgage which I hold against premise ___. It is understood and agreed as a consideration I would allow you $780 providing said mortgage is paid on or before May 31, 1924, and the regular quarterly payment due April 25, 1924, is paid when due. After the owner paid the April fee, a few days before the deadline, he went to the lender’s home with cash on him, and knocked on the door, he stated he wanted to pay off the loan. The lender replied that he sold the loan, so the owner had to pay in full. He suffered damages of $780 + damages, because the owner had already promised to sell the property free and clear of the
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Unformatted text preview: mortgage. Issue: Whether the letter was an offer, and whether there was an acceptance Rule: A offeror may revoke the offer at anytime, before an acceptance Rational: The lender revoked the offer by stating that he sold the loan to another already. This was before the owner could hand him the money to pay it off. Holding: Lender pretty much beat him to the punch There was no contract, because the offer was revoked before the performance could be satisfied. It was a unilateral contract Synthesis: Dissent/Concurrences: Stated that there should have been a contract because the owner had committed obligations in good faith that the offer would remain valid, and there was no revocation of the offer at that time....
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