WAGERS V. ASSOCIATED MORTGAGE INVESTORS
19 Wash.App 758 (1978)
NATURE OF THE CASE: This was a dispute over the purchase of real estate.
FACTS: Wagers (P) negotiated with Associated Mortgage Investors (D) for the purchase of
104 building lots. Eventually P submitted an earnest money agreement to D to purchase the
lots for $250,000 cash. P was advised by D that they would approve the earnest money
agreement for $270,000 and that a signed earnest money agreement would be immediately
returned to P. P was told that the only problem with the sale was that a certain individual
was hedging for more money from D from the sale proceeds but that was an internal matter and
would not delay the close of the sale. A letter was sent to P indicating that a deal was
made subject to prior approval by D's trustees and subject to its ability to arrange for
delivery of clear title and also detailing that one party to the transaction was still a
hold out. P sent a return letter indicating that any deal stopper had been resolved and that
the trustees had approved the sale. D then responded with a denial of the approval for the
sale and that the conditional aspects of D's first letter were still in place and that no
binding deal had been reached. The sale fell through and P sued D for specific performance
and breach of contract damages. D moved to dismiss the specific performance cause and the
trial court entered partial summary judgment dismissing the action for specific performance.
P appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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