Rice-Wray v. Palma
Michigan Supreme Court
Error to Wayne; Codd (George P,), J. Assumpsit by Theron C. Rice-Wray against Ferdinand Palma for commissions on the sale of certain banking property. Judgment for plaintiff on a directed verdict for less than amount claimed. He brings error. Defendant was engaged in the private banking and steamship, ticket business in Detroit, having two places of business.
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Error to Wayne; Codd (George P,), J. Assumpsit by Theron C. Rice-Wray against Ferdinand Palma for commissions on the sale of certain banking property. Judgment for plaintiff on a directed verdict for less than amount claimed. He brings error. Defendant was engaged in the private banking and steamship, ticket business in Detroit, having two places of business. He desired to sell out the business and after some preliminary negotiations with plaintiff on May 28, 1919, he executed and delivered to plaintiff a written memorandum which, so far as important here, contained the following: “I, the…
1Opinion of the CourtClark, J.
(after stating the facts). The trial judge was clearly in error. The agreement between defendant and the American State Bank was an agree*328ment to sell on the one hand and to purchase on the other. It was an agreement for a present sale. It was carried out by transferring to the purchaser all the business and assets of defendant, and the execution of the lease. Title then passed to the bank which was subject to be defeated by no contingency. Plaintiff had procured for defendant a purchaser ready, willing and able to pay the sum of $100,000 for the business. True the payments were to be made out…
2Cases cited7 opinions
- Keys v. JohnsonSupreme Court of Pennsylvania · 1871
- Morgan v. KellerSupreme Court of Missouri · 1906
- Whitaker v. EngleMichigan Supreme Court · 1896
- McDonald v. OrtmanMichigan Supreme Court · 1891
- Fuday v. GillMichigan Supreme Court · 1917
2 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- D. & W. Rottschafer Real Estate v. MorrisMichigan Supreme Court · 1928
- Sotham v. KernMichigan Supreme Court · 1922
- Bowman v. MyersMichigan Supreme Court · 1928