Newman v. Resnick

Plaintiffs’ complaint seeks specific performance of a contractual obligation undertaken by defendant individually in connection with the loan made by plaintiffs to the corporation in which he was the sole or principal party in interest. The evidence at the trial failed to establish an essential requirement for such relief but did indicate that there was a substantial basis for a claim for legal relief.

Although the loan agreement named only the corporation as the “party of the second part” and referred to a separate instrument being executed by defendant for his guarantee of the performance of…