Fitz v. Bynum

Citations

• 55 Cal. 459

Syllabus

<p>Rescission — Offer to Return — Consideration — Eraud — Conflict of Evidence.— In an action upon two promissory notes given for stock in a mining corporation, the defense was, that the plaintiff was induced to give the notes by false and fraudulent representations of the payee as to the value of the stock and mine; and the Court instructed the jury to the effect that, if the stock was of any value, the defendant must have offered to return it, or the plaintiff would be entitled to a verdict. Held, that the instruction was right; and, the evidence being conflicting on this point and the question of fraud, held, a verdict in favor of defendant should not be disturbed.</p> <p>Id.—Market Value of Stock—Definition. —Held further, the sales of the stock appearing to have been only such as the operators could induce their neighbors and acquaintances to take at low and varying rates, that such transactions did not give a market value to the stock. ,</p> <p>Id.—Value of Stock—Evidence.—Held further, that the point in controversy was whether the stock had value as the mine then was, and that therefore the Court did not err in rejecting evidence as to what the ore might be made to yield by the erection of certain machinery.</p>