Frye-Bruhn Co. v. McGowan

Citations

• 38 Wash. 536
• 80 P. 761
• 1905 Wash. LEXIS 1203

Syllabus

<p>Contracts—Agreement to Assign Account—Option—Default —Forfeiture—Laches of Assignor Upon Default.of Assignee. A contract to assign an open account against a third party, upon the payment of $1,000, in installments, providing that time shall be of the essence, and that the assignor, upon default in any payment, shall have the right to terminate the contract and apply the payments made upon the account, is in the nature of an option which can be enforced by the assignor only upon delivering an assignment of the contract before default or within a reasonable time thereafter; and where only $300 was paid and, five years after default, the assignor left an assignment of the account at the store of the assignee, the laches of the assignor, in not delivering the assignment until after the account was outlawed, terminated the agreement, as though he had declared a forfeiture upon default in payment.</p>