Parmly v. Buckley

Citations

• 103 Ill. 115
• 1882 Ill. LEXIS 155

Syllabus

<p>1. Rescission of contract—rights of parties—and what amounts to a rescission. The parties to a contract for the sale of real estate have the right, if they see proper, to cancel and set aside the same; and when the purchaser notifies the vendor, in writing, that he considers himself released from all obligation under the contract, and the vendor immediately gives the vendee notice that he accepts the surrender of the contract, and declares the contract at an end, this will be a valid rescission of the contract of sale, after which no specific performance can be had.'</p> <p>2. Agency— corporation bound by acts of its attorney. Where notice of the revocation of a contract with a corporation is prepared and served upon the other party by an attorney of the company, with the knowledge and consent of its manager, the company and its manager will be bound by the act of the attorney, and not be allowed to dispute the attorney’s authority.</p> <p>3. Service of notice—on corporation. Notice of the acceptance of a cancellation of a contract served upon a private corporation by leaving the same at the company’s business office with a person acting as its agent, and at the time in charge of its business, is a good service as to the company.</p> <p>4. Assignment—assignee of contract of purchase takes subject to its infirmities. The assignee of a contract for the purchase of land takes it subject to its infirmities, and acquires no greater rights than the assignor had, and if the assignor has rescinded the contract so as to prevent him from demanding a specific performance, the assignee will also be precluded from enforcing its performance.</p>