Poche v. New Orleans Home Investment Co.

Citations

• 52 La. Ann. 1287

Syllabus

<p>Syllabus.</p> <p>1. A vendor can not maintain a suit in reconvention without having first tendered the return of the price. He can not retain the price and claim the restoration of the property. A party demanding the rescission of a contract must return or offer to return the consideration received by him.</p> <p>2. Where the Board of Directors of a corporation, after full knowledge of the facts of the sale having been communicated to it, agreed to receive payment of interest on the note it held representing part of the purchase price, and extended the note, it ratified the sale as made. Thereafter it was estopped to seek avoidance of the sale because the President of the corporation, in the terms thereof, exceeded his authority. *</p>