Harding v. Commercial Loan Co.

Citations

• 84 Ill. 251

Syllabus

<p>1. Contract—presumption that writings express all its terms. Where, after negotiations respecting a contract, the result is placed in one or more written instruments, they are presumed to contain all that was agreed to, and the precise terms and conditions of the agreement.</p> <p>2. Same-—option to pay less sum in shorter time. Where a party, having a debt payable to him in three years, gives the debtor a written agreement to accept a less sum in satisfaction, if paid within sixty days, this will be a mere option or privilege to the debtor, which, to be availed of, must he promptly complied with.</p> <p>3. Same—-agreement to accept a less sum available only as between original parties. Where the purchaser of land had the option of discharging a debt of §20.000, due in three years, by the payment of §18,000 in sixty days, and sold the land subject to the debt due thereon, of §20,000, which his grantee agreed to assume and pay, it was held, that the latter could not claim the right to discharge the debt by the payment of the §18,000.</p> <p>4. Same—must be on a consideration. Where a party, having the privilege of discharging a lien on his land by payment of a less sum than due, if paid within a given time, conveyed the land to another, who assumed the payment of the entire debt, and the first party afterwards, without any consideration, transferred his rights under the contract to his grantee, it was held, that the latter could not enforce the privilege of his grantor, and discharge the lien by paying the smaller sum.</p> <p>5. Collateral security—whether note and, deed, of trust is. Where a note and deed of trust are given, on the purchase of land, for the balance due, the fact that the vendor gives the purchaser a written agreement to accept a less sum if paid in sixty days instead of three years, as expressed in the note, and to assign the note and trust deed to enable the purchaser to borrow the money, will not show that the note and trust deed were intended