WHEELER V. WHITE
398 S.W.2D 93 (1965)
NATURE OF THE CASE: This was a dispute over a loan agreement to finance improvements on
land. Wheeler (P) appealed a decision, which denied his claim for damages in an action
alleging breach of contract and alternatively pleading estoppel, and dismissed his suit
based on insufficiency of contract terms.
FACTS: Wheeler (P) alleged that White (D) had breached a contract to secure a loan to
finance the construction of improvements upon P's land. The contract called for a loan of
$70,000 payable in monthly installments of 15 years and with an interest rate of no more
than 6% per annum. D was to get $5,000 for obtaining the loan and a five percent commission
on all rentals received by P. D was to procure a third party for the loan or to finance the
loan himself. After the contract was signed D assured P that the money was available and to
proceed with the destruction of the old buildings on the site to make way for construction
of the new buildings. The buildings destroyed had a value of $58,500 with a rental value of
$400 per month. After the buildings were destroyed D told P that no loan would be
forthcoming. D claimed that the alleged contract did not contain essential elements to its
enforceability in that it failed to provide the amount of the monthly installment, the
amount of interest due upon the obligation, how the interest was to be computed, and when
such interest should be paid. The trial court dismissed the case on those grounds and P
appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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