Bjornstad v. Perry

TAYLOR, Justice.

For clarity and simplicity the parties will be referred to by name.

The Perrys, husband and wife, owned the “Boulevard Motel” in Coeur d’Alene, Idaho. The property was encumbered by a first mortgage in the principal sum of nearly $10,000.00. The Perrys attempted to obtain a loan to pay off the mortgage and expand the motel. After several potential lenders had refused such a loan, Mr. Perry-early in 1957 placed the following ad in a local newspaper:

“$20,000 First mortgage paying $225 month at 7% on 10-unit new motel in Coeur d’Alene, Idaho, valued at $50,000, for $17,500. Write…