Nature of the Case
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Facts
Mezzanotte (P) entered into a contract to purchase real property from Freeland (D) contingent upon P's being able to secure a second mortgage from the North Carolina National Bank on such terms and conditions as are satisfactory to P. D subsequently sought to void the contract and P sued for specific performance and damages. D claimed that the contingency for the mortgage rendered the contract illusory because the contract lacked mutuality of obligation. P claimed that a rejection of the second mortgage must be done in good faith and that this requirement alone was sufficient to satisfy mutuality of obligation. D appealed a decision for P.
Holding and Decision
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Legal Analysis
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