Morrill v. Colehour

Citations

• 82 Ill. 618

Syllabus

<p>1. Specific pebfobmauce—not when contract is abandoned. Where the legal title to land purchased is taken in the name of one of the purchasers, and he gives his written agreement to the others that they shall share in the net profits, and they afterwards verbally agree with him to abandon all claims they have, in consideration of being released from liability for the purchase money, they can not have the contract of purchase specifically enforced in equity.</p> <p>2. Consideration—release from, liability. Where several parties are interested in a purchase and liable for the purchase money, an agreement on the part of one to pay the money yet due, is a sufficient consideration to support a contract, on the part of the others, to abandon and give up all their interest in the property purchased.</p> <p>3. Land as personally—statute of frauds. Where land is purchased by several for the purpose of sale and the acquisition of profits only, and not for permanent use, it will be regarded in equity as personal property among the partners in the speculation, and one of the parties may release his interest in the same verbally, and the same will not be within the •Statute of Frauds.</p> <p>4. Contract—written one may be released, verbally. The rule seems to be well established, that the terms and conditions of a written contract, and even a covenant, may be dispensed with by a verbal agreement, founded upon a proper consideration, and the same may be set up as a bar to an action for its breach.</p>