Corser v. Hale & Morrow
Corser v. Hale & Morrow
Opinion of the Court
Opinion by
We think the evidence submitted in this case was not sufficient to justify a finding that Hale and Morrow agreed to buy Corser’s stock in the Vermillion Land and Iron Co. It shows that on Feb. 20,1888, Morrow offered to buy this stock at three dollars per share; that Corser did not then accept it, and that Morrow said, “ I will leave this offer open; that on Feb. 22, 1888, Corser wrote to Morrow from Boston, and on the 25th of that month Morrow wrote to Corser from Philadelphia, as follows : “ Your letter concerning stock received yesterday; I have just notified Mr. Berkley that, owing to word received from Hale, we will need all our money for use during next thirty days, and therefore it will be impossible for me to take the stock now, as I thought I could. Later on I may be in shape to renew the offer.” From this letter alone the jury was al
Judgment reversed, and venire facias de novo awarded.
Reference
- Cited By
- 3 cases
- Status
- Published
- Syllabus
- Evidence—Contract—Offer—Acceptance. The acceptance by plaintiff of an offer by defendant to purchase stock, alleged to be contained in a letter written by the plaintiff to defendant which is not produced, is not proven by a letter, produced, from the defendant to plaintiff acknowledging receipt of a letter from plaintiff “ concerning stock,” and containing a withdrawal of the offer and a suggestion that it might be renewed later. Damages—Measure of, for breach of agreement to purchase stock—Evidence. Where there is no formal tender of the stock, the measure of damages, in an action for breach of contract to purchase, is the difference between the contract price and the market value of the stock at the time and place of'delivery, with interest. The value of the stock cannot be proven by testimony that a certain person had dealt in the stock and had stated its value to the witness.