Wheeler v. White

398 S.W.2D 93 (1965)

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Nature of the Case

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Facts

Wheeler (P) alleged that White (D) had breached a contract to secure a loan to finance the construction of improvements upon P's land. The contract called for a loan of $70,000 payable in monthly installments of 15 years and with an interest rate of no more than 6% per annum. D was to get $5,000 for obtaining the loan and a five percent commission on all rentals received by P. D was to procure a third party for the loan or to finance the loan himself. After the contract was signed D assured P that the money was available and to proceed with the destruction of the old buildings on the site to make way for construction of the new buildings. The buildings destroyed had a value of $58,500 with a rental value of $400 per month. After the buildings were destroyed, D told P that no loan would be forthcoming. D claimed that the alleged contract did not contain essential elements to its enforceability in that it failed to provide the amount of the monthly installment, the amount of interest due upon the obligation, how the interest was to be computed, and when such interest should be paid. The trial court dismissed the case on those grounds, and P appealed.