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RAGOSTA V. WILDER, 1991

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RAGOSTA V. WILDER, 1991 Powered By Docstoc
					CONTRACTS RAGOSTA V. WILDER, 1991 History: Trial court held Wilder could not revoke his offer b/c Ragostas relying on the offer, had already begun performance and Wilder was estopped from revoking the offer on a ehtory of equitable estoppel; Wilder was ordered to convey shop as agreed; Wilder appeals Facts: Ragostas (plaintiffs) talked about buying the Fork Shop from Wilder (defendant), but they never reached an agreement; when Ragostas later heard that Wilder was considering the sale of the shop, Ragostas sent Wilder $2,000 w/a letter offering to buy the shop; Wilder returned the check w/a letter declining the proposal, but also offered to sell the Fork Shop for $88,000 at (anytime up until the 1st of November” if Ragostas would go to Wilder’s bank w/cash; Ragostas got financing and made arrangements to go to Wilder’s bank to close the deal, but two days before scheduled closing date, Wilder called Ragostas and said he didn’t want to sell the shop anymore; they went w/money anyhow; when Wilder didn’t show up, Ragostas sued for specific performance Issue: May an offeror revoke an offer at any time before the other party accepts by performing, so long as there is no consideration for the promise to keep the offer open? Holding: Yes—judgment reversed Analysis: Equitable estoppel—requires party to know the facts other party doesn’t know; Wilder didn’t know the facts that Ragostas started financing before he even made offer; they knew they were assuming a risk Ragostas efforts were merely preparation for performance


				
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