Law School Case Brief
Yoder v. Rock Island Bank - 47 Ill. App. 3d 486, 5 Ill. Dec. 755, 362 N.E.2d 68 (1977)
For a contract to come into existence there must be an offer and an acceptance. If the offer does not specify a particular mode of acceptance, the offer may be accepted by a performance of the desired acts. Nevertheless, the acceptance must conform exactly to the terms of the offer.
Plaintiffs executed separate construction mortgages to defendant bank. Defendant agreed to release obligations on two of the mortgages if plaintiffs conveyed to it clear title to the other property, for which plaintiffs had financial obligations that were due and owing. Plaintiffs agreed, but defendant foreclosed nonetheless. The lower court refused to grant plaintiffs specific performance of the agreement.
Were plaintiffs entitled to specific performance?
The court found that the terms of the agreement were reasonably certain, and plaintiffs' performance, through the obtaining of title insurance, could show acceptance. The law implied a reasonable time for performance. Another mortgage on the property did not prevent perfection, because the mortgagee agreed to release his mortgage.
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