CONTRACTS - EFFECT OF FAIL URE OF PERFORMANCE IN AN ALEATORY CONTRACT

Authors

Michigan Law Review, University of Michigan Law School

Abstract

Plaintiff held a note of defendant's husband, long overdue. Defendant promised to guarantee payment of her husband's note, in consideration of plaintiff's promise to lend her money. Thereafter plaintiff, in breach of its promise, refused defendant a loan. Defendant immediately repudiated the contract. Plaintiff sued on the contract to recover the amount of the note with interest. Held, the promises were dependent; plaintiff's refusal to make the loan was a material breach of its promise, and excused defendant from further performance under the contract. People's Trust & Savings Bank v. Wassersteen, (Wis. 1937) 276 N. W. 330.

Recommended Citation

Michigan Law Review, CONTRACTS - EFFECT OF FAIL URE OF PERFORMANCE IN AN ALEATORY CONTRACT, 36 Mich. L. Rev. 1198 (1938).
Available at: https://repository.law.umich.edu/mlr/vol36/iss7/13