Smith v. Reynolds
Smith v. Reynolds
Opinion of the Court
As to the exception to the separate answer of Reynolds, alleging that the bond executed by three of the defendants to the plaintiffs was a voluntary bond, executed without any consideration, in my opinion it is not well taken. This exception must be overruled. Such bonds are of no force or effect whatever unless carried out by the obligees tendering the whole or some part of the agreed price, and the obligors accepting the same. To say that such a bond is capable of being enforced is to assert that one party is bound, while the other is not. If the purchaser is not bound neither is the vendor. It is not the case of a contract founded upon mutual promises, which is always enforceable. When there is a promise to sell, but no promise to buy, there "is no contract. It is a promise without consideration. Of course if the seller when it is still within his power to sell, accepts the money, or some part of it, he is bound to make the conveyance; or if the consideration be that the obligee shall sink a shaft until mineral is struck, or that he shall do other work on the mine, the case would be different. In that event there would be no want of mutuality. It would be the case of an ordinary agreement, based upon a consideration.
Reference
- Full Case Name
- SMITH & DOWNS v. A. E. REYNOLDS
- Status
- Published