Tague Holding Corp. v. Harris
Decision Date | 19 March 1929 |
Citation | 250 N.Y. 422,165 N.E. 834 |
Parties | TAGUE HOLDING CORPORATION v. HARRIS. |
Court | New York Court of Appeals Court of Appeals |
Action by the Tague Holding Corporation against Sidney Harris, in which defendant filed a counterclaim. From the judgment (224 App. Div. 361, 231 N. Y. S. 104) reversing the judgment for plaintiff as to damages awarded and dismissing the complaint and affirming as to that portion which dismissed the counterclaim, plaintiff appeals.
Judgment of Appellate Division reversed, and that of Trial Term affirmed.
See, also, 166 N. E. --.
Vendor and purchaser 330
Purchaser, defaulting in contract to purchase property with knowledge vendor had contracted to purchase at lower price, held liable for gains prevented. Where purchaser knew when he signed contract to purchase property for $50,500 that vendor had contracted to purchase for $45,000 of which he had paid $2,000, and that if purchaser defaulted vendor stood to lose difference between $50,500 and $43,000, or $7,500, less $5,050 cash paid by purchaser, or $2,450, gains prevented, which must have been within contemplation of parties, were measureable with absolute certainty, and purchaser deliberately defaulting was liable for $2,450.
Appeal from Supreme Court, Appellate Division, First department.
David Bernstein, Frederick Weiss and Jerome Weiss, all of New York City, for appellant.
Charles L. Sylvester, of New York City, for respondent.
On August 1, 1925, the plaintiff and Daniel R. McDonald entered into a written contract whereby McDonald agreed to sell to the plaintiff, for the sum of $45,000, a certain parcel of land at Rockaway Beach. The plaintiff was to make payments as follows: On the signing of the contract, $2,000 in cash; on the delivery of the deed, $18,000 in cash; and $25,000 in the form of a bond secured by a mortgage upon the parcel sold. The plaintiff immediately paid to McDonald the item of $2,000 cash.
On August 2, 1925, the plaintiff and defendant entered into a written contract, whereby the defendant agreed to buy from the plaintiff, for the sum of $50,500, the parcel of land contracted to be sold to it by McDonald. The defendant was to make payments as follows: On the signing of the contract, $5,050 in cash; on the delivery of the deed, $20,450 in cash; and $25,000 in the form of a bond secured by a mortgage on the parcel purchased. The defendant immediately paid to the plaintiff the item of $5,050 cash.
The contract stated in express terms that the plaintiff did not own the title to the parcel; that it had merely contracted for its purchase. It also provided that the $25,000 bond and mortgage, to be furnished, should be executed and delivered by the defendant to the plaintiff's seller, McDonald. Before executing the contract, the defendant was made aware of the precise terms of the McDonald contract.
In each contract, the time named for the delivery of the deed was November 10, 1925, and the place fixed was the office of Benjamin Kohn at Rockaway Beach. By agreement of all three parties, closing was postponed, first to November 24th at the same place, and then to December 4th. On the latter date...
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White v. Farrell
...A.D.2d at 1001, 578 N.Y.S.2d 335). In support of its ruling, the Fourth Department cited our decision in Tague Holding Corp. v. Harris, 250 N.Y. 422, 165 N.E. 834 (1929) [the seller was awarded profits lost when the buyer defaulted on an installment contract for the purchase of land that th......
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White v. Farrell
...A.D.2d at 1001, 578 N.Y.S.2d 335). In support of its ruling, the Fourth Department cited our decision in Tague Holding Corp. v. Harris, 250 N.Y. 422, 165 N.E. 834 (1929) [the seller was awarded profits lost when the buyer defaulted on an installment contract for the purchase of land that th......
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Binks v. Farooq
... ... defendants and the amount ultimately received for the property (see, Tague Holding Corp. v. Harris, 250 N.Y. 422, 425, 165 N.E. 834; Tator v. Salem, ... ...
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