McMillan v. Philadelphia Co.
Supreme Court of Pennsylvania
Appeal, No. 202, Oct. T., 1893, by defendant, from order of C. P. No. 2, Allegheny Co., July T., 1893, No. 244, making absolute rule for judgment for want of sufficient affidavit of defence in favor of plaintiff, A. McMillan. Rule for judgment for want of sufficient affidavit of defence, in assumpsit on oil lease. From the record, it appeared that, on May 6, 1892, plaintiff executed an oil and gas lease to G. A. O’Hara, defendant’s assignor.
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Appeal, No. 202, Oct. T., 1893, by defendant, from order of C. P. No. 2, Allegheny Co., July T., 1893, No. 244, making absolute rule for judgment for want of sufficient affidavit of defence in favor of plaintiff, A. McMillan. Rule for judgment for want of sufficient affidavit of defence, in assumpsit on oil lease. From the record, it appeared that, on May 6, 1892, plaintiff executed an oil and gas lease to G. A. O’Hara, defendant’s assignor. Material portions of the lease were as follows : “ The said party of the first part in consideration of one dollar in hand paid, the receipt of which is…
1Opinion of the Court
Opinion by
Mb,. Justice Williams,
The distinction between an option and a contract of sale or lease is broad and plain. An option is an unaccepted offer. It states the terms and conditions on which the owner is willing to sell or lease his land, if the holder elects to accept them within the time limited. If the holder does so elect he must give notice to the other party, and the accepted offer thereupon becomes a valid and binding contract. If an acceptance is not made within the time fixed the owner is no longer bound by his offer and the option is at an end. A contract of sale or lease fixes…
2Cases cited2 opinions
- Glasgow v. Chartiers Oil Co.Supreme Court of Pennsylvania · 1892
- Leatherman v. OliverSupreme Court of Pennsylvania · 1892
3Cited by37 opinions
- Northwestern Oil & Gas Co. v. BranineSupreme Court of Oklahoma · 1918
- Shubert Theatrical Co. v. RathCourt of Appeals for the Second Circuit · 1921
- Lowther Oil Co. v. GuffeyWest Virginia Supreme Court · 1902
- Brown v. WilsonSupreme Court of Oklahoma · 1916
- Cohn v. ClarkSupreme Court of Oklahoma · 1915
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