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EASTERN ELECTRIC SALES CO. v. PROVIDENT TRADESMENS BANK AND TRUST COMPANY. (06/29/60)

June 29, 1960

EASTERN ELECTRIC SALES CO., INC., APPELLANT,
v.
PROVIDENT TRADESMENS BANK AND TRUST COMPANY.



Appeal, No. 147, Jan. T., 1960, from decree of Court of Common Pleas No. 7 of Philadelphia County, Dec. T., 1958, No. 972, in case of Eastern Electric Sales Co., Inc. v. Provident Tradesmens Bank & Trust Company et al. Decree affirmed.

COUNSEL

Nochem S. Winnet, with him Charles M. Solomon, and Fox, Rothschild, O'Brien & Frankel, for appellant.

Robert L. Trescher, with him Thomas N. O'Neill, Jr., and C. Brewster Rhoads, for Joseph Resnick, appellee.

Francis J. Carey, Jr., for Provident Tradesmens Bank & Trust Company and Young and Company, appellees.

Before Jones, C.j., Bell, Musmanno, Jones, Cohen, Bok and Eagen, JJ.

Author: Cohen

[ 400 Pa. Page 431]

OPINION BY MR. JUSTICE COHEN.

Appellant, Eastern Electric Sales Co., Inc. (Eastern), brought this action in equity to obtain specific performance of an alleged oral agreement between Eastern and the appellee Provident Tradesmens Bank & Trust Company (Provident) for the sale of certain real estate located in Philadelphia, and to rescind and cancel a subsequent written agreement between Provident and L. Resnick & Sons (Resnick), also an appellee, for the same property.

The relevant findings by the chancellor are as follows: On the morning of December 5, 1958, Stephen McLaughlin, a duly authorized Vice-President of Provident, orally informed Eastern's real estate broker and representative, Joseph J. and Reynold H. Greenberg, Inc., that on behalf of Provident he would receive offers in the form of sealed bids for the purchase of the property in question by 2:30 p.m. on that day from Resnick and Eastern; that these bids would be considered by Provident; that the minimum terms of the bid had to be cash of $150,000, the balance, a mortgage bearing 5% interest payable within ten years to be amortized at 5% annually. He hoped it would be possible to agree on the terms of the transaction that afternoon with the highest bidder, and that a formal written agreement of sale embodying all the terms of the transaction would be entered into after the basic terms had been settled. McLaughlin also commented that the consummation of the transaction would be subject to the execution of a formal written agreement of sale and that the parties would not be bound until such written agreement was executed. At the appointed time, Resnick, through his agent, submitted a bid in accordance with the requested terms in the amount of $351,000. At the same time, Eastern, through its agents, Reynold H. Greenberg, Jr., and Nathan Teitelman, the latter a

[ 400 Pa. Page 432]

    member of the Philadelphia Bar, submitted the following letter as its bid:

"Dear Mr. McLaughlin:

"In accordance with the agreement reached this morning when you said that you would have sealed bids to be opened at 2:30 today and that the highest bidder would forthwith be given an Agreement of Sale pursuant to the terms of the bid, please be advised that we, acting in cooperation with Nathan Teitelman, Esq., now ...


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