Foster v. Strong

The plaintiff, Foster, in June, 1878, was the owner, having the legal title of record, of eight unimproved lots in the city of Chicago. With the purpose of improving and disposing of them, he entered into an arrangement with Strong, to the effect that the latter should erect and complete eight houses on said lots, and when the erection reached a certain stage, Strong was to become the purchaser, at a certain price for each lot. But to carry the plan into effect, it was necessary to borrow money. They decided to effect what is called a building loan, of $8,000, payable in five years, the…