Contracts Keyed to Calamari
Meyer v. Benko
The Plaintiff, Meyer (the "Plaintiff"), entered into a contract with the Defendants, Irene and Howard Benko (the "Defendants"), to purchase the Defendants' home for $23,500. The document memorializing the transaction was entitled "Deposit Receipt and Agreement of Sale." The listing real estate agent testified that the value of the home at the time the contract was entered into was "down a little" from the initial listing price of $23,500. Irene Benko testified that the property was worth $30,000 to her, but that she did not know the market value. Howard Benko testified that the market value of the home was between $29,000 and $30,000. However, Howard Benko testified that he signed the "Deposit Receipt and Agreement of Sale" for $23,500 because he wanted to sell his home quickly. The lower court found that a contract did not exist and that specific performance should be denied due to an inadequacy of consideration.
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