Armour v. Eichelberger

Citations

• 65 Ill. 355

Syllabus

<p>Promissory note—whether affected by a rescission of contract. The purchaser of land under a contract gave his notes at the times the first three installments of interest fell due, for an extension of the time of payment, as was claimed by the one, and in payment of interest, as was claimed by the other, and afterwards finding himself unable to complete his purchase, informed the vendor that he could not pay for the property, and requested him to take it back and surrender these notes. This the vendor declined to do. Afterwards the contract was rescinded, without the surrender of the notes, by mutual consent: Held, that the notes so left in the hands of the vendor were valid obligations, and a recovery thereon was proper, as the purchaser acquiesced in their being retained at the time of the rescission of the contract of sale.</p>