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Contracts Keyed to Fuller
Forman v. Benson
Citation:
446 N.E.2d 535 (1983)Facts
On March 23, 1981, Eric Forman, a chiropractor, made an offer to purchase commercial property owned by Art Benson for $125,000, to be paid over a 10-year period with a 30-year amortization rate at 9% interest. Benson expressed concern about Forman’s credit worthiness, as he would essentially be acting as a lender. The parties added a handwritten clause making the contract “Subject to seller’s approving buyer’s credit report, oral on March 24, 1981, and written when ready.” The day after signing, Benson was informed of an excellent oral credit report, and on March 27, he received the written report along with a financial statement and bank letter. Benson remarked the report “looks real good” and said he would have his attorney review it. Between March 27 and May 14, the parties met several times, with Benson requesting additional financial information and discussing increases in the purchase price and interest rate. On May 14, Benson formally rejected Forman’s credit and directed the return of the earnest money deposit.
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