Neumann v. Gorak

There is no' dispute as to the terms of the contract. It was executed by the parties on October 11, 1941, and called for completion on or before November 1st. It appears that plaintiffs had to negotiate a loan in order to complete the transaction for the purchase of defendants’ property. It is conceded that the proceeds of the loan were not available until November 5, 1941 — four days subsequent to the expiration of the contract. Plaintiffs requested an extension of time to close the transaction. Defendants refused to extend the time, and on November 2d defendants wrote plaintiffs as follows:

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