Norton v. Gale

Citations

• 95 Ill. 533
• 1880 Ill. LEXIS 208

Syllabus

<p>1. Statute ot Frauds—contract as fixing sum to be paid. The Statute of Frauds will be satisfied by such a statement in a written contract as ascertains the price to be paid, although it mentions no specific sum, as for instance, if to pay a price to be settled by arbitration, or upon the valuation of appraisers to be selected by the parties.</p> <p>2. Where a lease of lots, executed by both parties, fixed the annual rent for the first five years, and then provided that the amount of the rent to be paid annually for the next five years should be six per cent on the appraised value of the premises, to be ascertained by appraisers, one to be selected by each party, and they to select another, in case they could not agree, it was held that the contract was not within the Statute of Frauds as to the rent to be paid for the second five years.</p> <p>3. Arbitration—what is—notice of time of meeting. Where the parties to a lease provide for rent to be paid yearly, at six per cent on the appraised value of the demised premises, to be ascertained by the selection of property holders, this is nota submission to arbitration, and no notice to the parties is necessary before making the appraisement, unless the lease so requires, and the finding of the appraisers, when selected, will be conclusive upon the parties, except for fraud.</p>