Perkins v. Hadsell

Citations

• 50 Ill. 216

Syllabus

<p>1. Contracts—mutuality—consideration—givmg one an option to purchase land. If the owner of lands gives to another the option to select and purchase a portion of them, at a stipulated price, certain conditions being imposed upon the party to whom the option is given, as that he shall make the selection within a given time, pay the taxes, improve the portion selected, and pay the purchase money, upon the performance of which the owner agrees to convey, while the owner may, no doubt, at any time before his proposition is accepted, by the other party selecting, entering upon and commencing to improve the land, withdraw his offer, yet, after the other party has accepted the proposition by doing all that he was required to do by its terms, it is then too late for the owner to recede, and he may be compelled, on a bill for specific performance, to convey the land.</p> <p>2. In such case, the mutuality and the consideration for the agreement to convey, consist in the party to whom the offer was made, having actually done, upon the promise of the owner, what he required to have done, and it is immaterial that it was done without having entered into a previous undertaking to do it.</p> <p>3. Assignment—what contracts are assignable, in equity. An instrument which gives to a person an option to buy land, upon his performance of certain conditions, which, he may or may not perform, as he may elect, may not be assignable by such person before he has acquired any right of property under it by performing the conditions, but it is assignable, in equity, after that time.</p> <p>4. Statute of frauds—by whom the writing must be signed. It is sufficient, under the statute of frauds, if a writing is signed by the party sought to be charged.</p>