Adams v. Peabody Coal Co.
Illinois Supreme Court
Appeal from the Circuit Court of Christian county; the Hon. Albert M. Rose, Judge, presiding. This was a bill brought by the Peabody Coal Company against William B. Adams, Marcella Adams, executrix of Gavin R. Adams, and others, in the circuit court of Christian county, for the specific performance of a written option, under seal, entered into between Francis S. Peabody and Gavin R. Adams December 29, 1904, the option providing, among other things, that in consideration of…
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Appeal from the Circuit Court of Christian county; the Hon. Albert M. Rose, Judge, presiding. This was a bill brought by the Peabody Coal Company against William B. Adams, Marcella Adams, executrix of Gavin R. Adams, and others, in the circuit court of Christian county, for the specific performance of a written option, under seal, entered into between Francis S. Peabody and Gavin R. Adams December 29, 1904, the option providing, among other things, that in consideration of one dollar and other valuable consideration in hand paid, said Adams gives and grants to said Peabody, his legal…
1Opinion of the CourtJustice Carter
The writing in this case was more than an offer, and the consideration was sufficient to support it as a valid and binding contract. It is important to distinguish clearly between an offer to sell something, which offer may or may not become a completed contract by acceptance in the future, and a contract to leave that offer open for a time, which, if accepted, becomes at once an executed contract. Only the last is an option. An option is a continuing offer, which the offerer may not withdraw until the expiration of the time limited. (21 Am. & Eng. Ency. of Law,—2d ed.— pp. 925, 926.) The…
2Cases cited7 opinions
- Hayes v. O'BrienIllinois Supreme Court · 1894
- Guyer v. WarrenIllinois Supreme Court · 1898
- Perkins v. HadsellIllinois Supreme Court · 1869
- Bradsby v. WallaceIllinois Supreme Court · 1903
- Estate of Rapp v. Phœnix InsuranceIllinois Supreme Court · 1885
2 more not listed; retrieve them via the Exa API.
3Cited by28 opinions
- Shubert Theatrical Co. v. RathCourt of Appeals for the Second Circuit · 1921
- Lipkin v. KorenIllinois Supreme Court · 1946
- Durepo v. MaySupreme Court of Rhode Island · 1947
- Ward v. . AlbertsonSupreme Court of North Carolina · 1914
- In Re Estate of KrotzschIllinois Supreme Court · 1975
23 more not listed; retrieve them via the Exa API.