Cornerstone Equipment Leasing, Inc. v. MacLeod
Court of Appeals of Washington, Division 1
247 P.3d 790 (Wash. App. 2011)
MacLeod (defendant) borrowed $725,000 from Cornerstone Equipment Leasing, Inc. (Cornerstone) (plaintiff) in July 1998 and signed a promissory note requiring monthly payments with 20% annual interest until the balance was paid. The balance was due November 1999. In December 1999, the parties agreed to extend the due date by two years. Over the next several years, they extended the due date multiple times. At one point in 2001, after MacLeod complained that he had already paid back more than the original loan amount, MacLeod claimed that he and Cornerstone’s president, Chevigny, came to an oral agreement to set aside the remaining principal balance, with the understanding that it would be used in a future business transaction. In June 2005, the parties agreed to another amended note. According to Macleod, Chevigny stated that the note would only be used for “internal purposes” and that the parties would work out the payment in some “future deal.” According to MacLeod, in December 2006, Chevigny also called him and stated that the parties were “even.” Macleod gave no consideration for this purported waiver of Cornerstone’s right to payment. Chevigny denied making that call. In June 2007, Chevigny called MacLeod and demanded payment on the June 2005 agreement. Chevigny also followed up with a letter demanding payment. When MacLeod did not pay, Cornerstone brought suit. The trial court granted summary judgment to Cornerstone. MacLeod appealed, arguing that Cornerstone did not effectively revoke its waiver.
Rule of Law
Holding and Reasoning (Becker, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 175,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 14,000 briefs, keyed to 188 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.