Quimbee logo
DMCA.com Protection Status
From our private database of 18,800+ case briefs...

Proctor v. Holden

Maryland Court of Special Appeals
540 A.2d 133 (1988)


Facts

Michael and Deborah Holden (plaintiffs) were searching for a new home. They applied for a mortgage with Magnet Mortgage. Shortly thereafter, John and Deborah Proctor (defendants) agreed to sell their home to the Holdens, subject to a financing contingency. The contingency clause in the contract required the Holdens to apply for financing within five days of the contract’s execution. The contract was signed on July 26, 1985. Pursuant to the contract, the Holdens paid the Proctors a $20,000 deposit. Soon after the contract was signed, Magnet Mortgage denied the Holdens’ application. On August 9, the Holdens applied for a mortgage from a second bank but were denied again. At this point, the Proctors offered to finance the purchase for the Holdens. The Holdens declined and instead requested a return of their deposit on account of their failure to obtain financing. The Proctors refused, and the Holdens brought suit in the Circuit Court for Talbot County. The jury found in favor of the Holdens. The Proctors appealed, arguing that the Holdens breached the contract by not complying with the five-day requirement and by refusing to accept the Proctors’ offer to finance.

Rule of Law

Issue

Holding and Reasoning (Alpert, J.)

What to do next…

  1. 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 498,000 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.

  2. 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 498,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 18,800 briefs, keyed to 985 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.

Questions & Answers


Have a question about this case?

Sign up for a free 7-day trial and ask it

Sign up for a FREE 7-day trial