Wagers v. Associated Mortgage Investor

19 Wash.App 758 (1978)

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Nature of the Case

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Facts

Wagers (P) negotiated with Associated Mortgage Investors (D) for the purchase of 104 building lots. Eventually, P submitted an earnest money agreement to D to purchase the lots for $250,000 cash. P was advised by D that they would approve the earnest money agreement for $270,000 and that a signed earnest money agreement would be immediately returned to P. P was told that the only problem with the sale was that a certain individual was hedging for more money from D from the sale proceeds, but that was an internal matter and would not delay the close of the sale. A letter was sent to P indicating that a deal was made subject to prior approval by D's trustees and subject to its ability to arrange for delivery of clear title and also detailing that one party to the transaction was still a holdout. P sent a return letter indicating that any deal stopper had been resolved and that the trustees had approved the sale. D then responded with a denial of the approval for the sale and that the conditional aspects of D's first letter were still in place and that no binding deal had been reached. The sale fell through, and P sued D for specific performance and breach of contract damages. D moved to dismiss the specific performance cause, and the trial court entered partial summary judgment dismissing the action for specific performance. P appealed.