St. Regis Paper Co. v. Rayward

This is an appeal by plaintiff from an order entered April 6, 1961, which denied its motion for summary judgment.

The primary issue is whether a “ memorandum agreement ” of May 21,1959, when read and construed with letters of April 6, 1959 and May 18, 1959, constitutes a valid and binding contract between the parties. A subsidiary question concerns the nature and purpose of a $20,000 payment made April 13, 1959, during the course of negotiations.

In this case the parties engaged in extended negotiations over a considerable period of time for a long-term lease by plaintiff of certain property in…