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Contracts Keyed to Kuney
Batsakis v. Demotsis
Citation:
226 S.W.2d 673 (1949).ProfessorMelissa A. Hale
CaseCast™ – "What you need to know"
Facts
Plaintiff and defendant were residents of the Kingdom of Greece and both owned assets in the United States. Due to World War II, defendant was unable to access her money, property, or credit in the United States. For such reasons, the plaintiff agreed to lend the defendant 500,000 drachmae (Greek) in exchange for $2,000 (USD) plus interest at a rate of 8% per annum. Defendant signed a letter dated April 2, 1942 to that effect. At the time, 500,000 drachmae had the equivalent value of $25.00 (USD).
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Topic Resources
Topic Outline
Formation of ContractsTopic Refresher Course
Consideration and Promissory Estoppel