Perlee v. Jeffcott
Supreme Court of New Jersey
On appeal from the Somerset Circuit. On August 30th, 1913, Perlee, by writing under his hand and seal in consideration of $500 cash and a promissory note for $500 payable September 1st, 1914, gave and granted to Jeffcott an option to purchase a farm. In ease the option was not exercised by Jeffcott, and all its terms complied with, the note was to be paid at maturity.
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On appeal from the Somerset Circuit. On August 30th, 1913, Perlee, by writing under his hand and seal in consideration of $500 cash and a promissory note for $500 payable September 1st, 1914, gave and granted to Jeffcott an option to purchase a farm. In ease the option was not exercised by Jeffcott, and all its terms complied with, the note was to be paid at maturity. If Jeffcott purchased the premises, the $1,000 paid, represented by the cash and the note, was to he credited on the purchase price. On August 20th, 1914, the barn, which added substantially to the value of the premises, was…
1Opinion of the Court
The opinion of tire court was delivered by
Swayze, J.
The only ground upon which the cash paid by Jeffcott may be reclaimed is that there was a total failure of consideration. The consideration in a legal sense was Perlee’s promise to keep the offer to sell open for a year. It was the promise, not the performance. The offer itself was a continuing offer, open to Jeffcott’s acceptance at any time, and Perlee’s promise was partially performed. Jeffcott has had the benefit of the option and Perlee has suffered the detriment of being unable to sell or mortgage or lease his property for nearly the…
2Cited by3 opinions
- Edwards v. LeopoldiNew Jersey Superior Court Appellate Division · 1952
- Model Vending, Inc. v. StanisciNew Jersey Superior Court Appellate Division · 1962
- Petaccia v. GallianNew Jersey Superior Court Appellate Division · 1951