Industrial Welding & Tool Supplies, Inc. v. CIT Corp.

Deen, Presiding Judge.

Industrial Welding & Tool Supplies, Inc. (hereinafter referred to as “Industrial”), brought suit against CIT Corporation alleging that CIT had breached an agreement to lend it $132,000 at 12 percent interest repayable in 60 monthly installments. Appeal is brought from the grant of CIT’s motion for summary judgment. Held:

CIT contends that the trial court correctly granted its motion because the alleged oral contract was within the Statute of Frauds and that the documentary evidence is not sufficient to form a memorandum that will satisfy the provisions of Code Ann. §…