Price v. Van Lint
Supreme Court of New Mexico
120 P.2d 611 (N.M. 1941)
Price (plaintiff) and Van Lint (defendant) agreed that Van Lint would loan Price $1,500 secured by a mortgage deed on land Price was purchasing, but the deed had to travel by ship to and from the landowner in Holland before delivery; when the deed had not yet arrived by the agreed loan date, Van Lint refused to make the loan even though he had already helped Price arrange building materials and begin construction. The trial court found the promises independent and ruled for Price.
Whether, in a contract for mutual promises where it is reasonable to assume that performance of one promised act will come after performance of the other, the promise to perform the latter act is considered independent.