McBride v. Western Pennsylvania Paper Co.

Citations

• 263 Pa. 345
• 106 A. 720
• 1919 Pa. LEXIS 429

Syllabus

<p>Contract — Consideration — Assignment of judgment — Contract for benefit of third person — Action by beneficiary.</p> <p>1. An assignment of a judgment by the holder thereof constitutes a consideration fór a promise by the assignee that he will purchase a property subject to the lien of the judgment at sheriff’s sale and divide the net profits, that may be realized upon a resale of the property, with the judgment debtor or his family; and the latter as beneficiaries under the contract are entitled to maintain an action on the contract although no consideration moves from them. '</p> <p>Statute of frauds — Oral contract to divide profits — Sale of lands.</p> <p>2. An oral agreement by the assignee of a judgment made in consideration of the assignment to him, that he would purchase the property subject to the lien of the judgment, at sheriff’s sale and divide the net profits realized on a resale of the property with the judgment debtor or his family, is not void under the statute of frauds.</p> <p>Corporation — Contract—Acceptance of benefits — Estoppel—Authority of agent — Ultra vires.</p> <p>3. A corporation that accepts the benefits of a contract entered ■ into by an officer of the company thereby ratifies the acts of its representative, and is estopped from setting up as a defense that the contract was entered into without authority or that it was ultra vires.</p>