Kingston v. Preston

Preston (defendant), a silk merchant, agreed to sell his business to his apprentice Kingston (plaintiff) and a partner at the end of Kingston's apprenticeship, in exchange for Kingston providing "sufficient security" and fair value; Preston refused to transfer the business, and Kingston sued for breach, arguing the parties' mutual promises were independent, so his own failure to provide security didn't excuse Preston's obligation to sell. Preston argued Kingston's provision of security was a condition precedent to his own duty to sell.