Warder & Lee Elevator, Inc. v. Britten

274 N.W.2d 339 (1979)

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Nature of the Case

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Facts

Warder (P) operated a grain elevator. Britten (D) offered to sell, and P agreed to buy 4000 bushels of corn at $2.60 per bushel and 2000 bushels of beans at $5.70 per bushel for October-November delivery. The only evidence of the transaction consisted of notes showing the terms of sale made by P for internal bookkeeping purposes. It was the custom of the elevator to act as a broker, and no speculate on grain. P subsequently sold the same quantities to terminal elevators at Muscatine for a few cents more per bushel. Grain prices went up substantially, and D called P to cancel the deal. A settlement was offered, but P sued D for breach of an oral contract. D relied solely on the Statute of Frauds. P claimed promissory estoppel took the contract out of the Statute.