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Contracts Keyed to Barnett
Petterson v. Pattberg
Citation:248 N.Y. 86, 161 N.E. 428 (N.Y. 1928)
ProfessorMelissa A. Hale
CaseCast™ – "What you need to know"
Petterson owed real estate in Brooklyn. Pattberg owned a bond executed by Petterson, which was secured by a third mortgage on the land. An unpaid principal of $5,450 remained on the mortgage that was payable in installments of $250 for the next five years.
Pattberg agreed in writing to reduce the principal if the mortgage was paid off early. Petterson later attempted to pay off the mortgage in full with a lump sum payment, but Pattberg rejected the cash on grounds that Pattberg had sold the mortgage to a third party.
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Topic OutlineFormation of Contracts