Bank of Manhattan Trust Co. v. Ellda Corp.

In normal times the questions proposed would occasion little difficulty and would evoke instant response. But in this hour of grave economic distress a new element obtrudes itself, bringing forth a situation embarrassing not so much in the legalistic as from the practical aspect. While no system of jurisprudence has viewed with greater abhorrence, abrogation, direct or indirect, of contractual responsibility, and has more strenuously resisted interference with the natural intendment of the contract than the code of Anglo-Saxon, still the unprecedented situation now confronting the world has…