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Goldstein v. Stainless Processing Co.
United States Court of Appeals for the Seventh Circuit
465 F.2d 392 (1972)
Morris Goldstein (plaintiff) contracted to buy 20,000 pounds of nickel cathodes from Stainless Processing Co. (Stainless) (defendant). During their negotiations, Goldstein and Stainless agreed that Goldstein would send Stainless a check for $20,000 as a good-faith deposit. Stainless was not supposed to cash the check. Rather, Stainless was merely supposed to hold the check until Goldstein had approved the nickel cathodes and made full payment upon delivery. Goldstein mailed the check to Stainless. At the same time, however, Goldstein had his bank stop payment on the check. When Stainless received Goldstein’s check, rather than holding it as promised, Stainless tried to deposit it. After learning from the bank that payment on the check had been stopped, Stainless contacted Goldstein to cancel the contract. By that time, the price of nickel had gone up. Goldstein bought the nickel cathodes from someone else, paying $23,000 more than the Goldstein-Stainless contract price. Goldstein then sued Stainless to recover this additional expense. The trial court ruled in favor of Stainless. Goldstein appealed.
Rule of Law
Holding and Reasoning (Pell, J.)
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