Dreifus v. Columbian Exposition Salvage Co.

Citations

• 194 Pa. 475
• 45 A. 370
• 1900 Pa. LEXIS 422

Syllabus

<p>Contract — Rescission—New contract— Consideration.</p> <p>The mutual unexecuted undertakings of au existing contract are a sufficient consideration for the cancelation of such a contract and the substitution of a new one with different terms; and it is immaterial if, for a moment during the interval, there is technically a broach of the old agreement, since by the new agreement both parties treat the old one as an existing contract, and mutually agree to a rescission of it.</p> <p>Where one of two parties to a written contract fails in his obligation to deliver merchandise as provided by the contract, and the other party, desiring the merchandise, and not desiring a suit for damages, agrees to accept a fixed quantity and quality of merchandise, at fixed times and prices, different from those of the original contract, the old contract will be deemed to have been canceled by the parties, and the new contract will be held to be based upon sufficient eonsidei'ation.</p>