Thorp Finance Corp. v. Lemire

It is the contention of counsel for the appellant LeMire that the failure of the seller Stoltz to deliver the furniture constituted a failure of consideration which could be asserted by the purchaser LeMire as a defense in the action instituted by the Finance Company, as assignee of the conditional sales contract, to recover the balance due under the terms of the contract. In support of such position, counsel cite Restatement, 1 Contracts, p. 212, sec. 167, sub. (1)3, illustration 3, reading as follows:

“3. A has a bilateral contract with B, in which the promises are dependent. A assigns his…