Goodbody v. Margiotti

Dissenting Opinion by

Mr. Justice Maxey:

I dissent from the majority opinion. Its reversal of the court below is based on two propositions: (1) that “defendant relied upon the alleged agreement of July 8, 1931, which in effect guaranteed him against any loss,” and (2) that this “alleged agreement was a nudum pactum because it was not supported by consideration.” Both these propositions are, in my judgment, untenable. Defendant’s whole reliance was not on that agreement.

Plaintiffs’ claim is logically divided into two parts: (a) for losses arising from the decline in stocks which it bought at…