Slater v. Smith

• Decision Date: 19 January 1875
• Citation: Slater v. Smith, 117 Mass. 96 (Mass. 1875)
• Court: Supreme Judicial Court of Massachusetts
• Parties: Perley R. Slater & wife v. Timothy H. Smith

117 Mass. 96

Perley R. Slater &wife v. Timothy H. Smith

Supreme Court of Massachusetts

January 19, 1875

Middlesex.Bill in equity by Perley R. Slater and Martha M Slater, for the specific performance of the following agreement in writing, under seal, and signed by Perley R Slater and the defendant:

"Boston October 22, 1872.By this agreement made this day through Wilder & Holway, our respective agents, we hereby bind ourselves, our heirs and assigns to the following conditions for exchange of real estate and land bonds or certificates of stocks, and agreeing to make good to each other any loss or damage that may arise in consequence of failure on the part of either party to carry out in good faith the following contract within the time hereinafter named, to wit:

"I Timothy H. Smith, of Boston, agree to sell and convey to Perley R. Slater, of Medford, or his assigns, by warranty deed, my estates located as follows: Three houses in the town of Revere, as shown this day; two are French roof, and valued at $ 3000 each; the other is a pitch-roof house, and valued at $ 6000; together with all the land as now fenced; the whole being valued at $ 12,000.Also three tenement houses on Brewery Street, in Cambridgeport, as shown this day, and valued at $ 8000, subject to a $ 2000 mortgage: all the aforementioned estates having an equity of $ 18,000.

"And I, Perley R. Slater, for myself and as agent for my wife, Martha M. Slater, do hereby bind ourselves to pay in exchange for said $ 18,000 equities, $ 9000 in Boylston Land Associates Stock, of nine shares of $ 1000 each, and nine shares of Boston Land Associates Stock, valued at $ 1000 each, as agreed upon; in all $ 18,000.The whole to be closed on or before ten days from this date.

"And we hereby each agree to pay in cash to said Wilder & Holway two per cent. commission as remuneration for their services in making the above contract, when fully completed and conveyed.

"In case of either party backing out, a sum of $ 5000 shall be paid to the other for damages or if not carried out in ten days as abovenamed."

The bill, after setting forth the agreement, alleged that the plaintiffs, in strict compliance with the terms of the said contract on their part and within the ten days named therein to wit, on the ninth day after the date of the said contract, procured and tendered to Smith the $ 18,000 in certificates of land stock described in the agreement, and did then and there demand that he make, execute and deliver to the plaintiffs the deed or deeds of the several parcels of land to be by him conveyed; but that Smith...