Gerruth Realty Co. v. Pire
Supreme Court of Wisconsin
115 N.W.2d 557 (1962)
Pire (defendant) entered into a contract for the purchase of commercial real estate from Gerruth (plaintiff). The purchase agreement required Pire to deliver a $5,000 promissory note as down payment and pay the remaining balance of the purchase price in cash at closing. The purchase agreement also required Pire to purchase another commercial parcel and close both transactions simultaneously. Pire requested the inclusion of a financing contingency. The financing contingency stated only that the offer to purchase was contingent “upon the purchaser obtaining the proper amount of financing.” Pire was unable to obtain financing on acceptable terms and informed Gerruth that he could not consummate the transaction. Gerruth offered to finance the entire transaction, but Pire declined. Gerruth filed suit seeking payment on the $5,000 promissory note tendered as down payment. The trial court granted Pire’s motion to dismiss the complaint. Gerruth appealed.
Rule of Law
Holding and Reasoning (Hallows, J.)
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