Mcfadden v. Mississippi State Board of Medical Licensure

Mcfadden v. Mississippi State Board of Medical Licensure

Real Property — Contracts — Oil and Gas Leases — Statute of Frauds — Principal and Agent — Options — Offer and Acceptance — Consideration — Forbearance to Sue — Revocation of Offer — Time — Notice — Appeal — Correctness of Judgment — Presumption on Appeal. Appeal — Correctness of Action of Trial Court Presumed by Supreme Court Until Contrary Shown. 1. On appeal the supreme court enters upon a consideration of the case with the presumption that it was decided correctly, and in aid of that presumption every legitimate inference will be drawn from the evidence. Real Property — Oil and Gas Leases — Contract must be in Writing as Well as Authority of Agent to Execute. 2. An agreement for the leasing of real property for a period longer than one year must be in writing under section 7519, Revised Codes 1921, and an agreement which must be in writing is not valid if executed by an agent unless the latter is authorized in writing to enter into it, in the absence of ratification by his principal. Page 551 Same — Option — What Does not Constitute. 3. An option being a right acquired by contract to accept or reject a present offer within a limited or reasonable time, plaintiff, in an action in the nature of specific performance to compel defendants to deliver to it a copy of an oil and gas lease which never ripened into a contract because of withdrawal by the lessors of their proposal to lease before acceptance by plaintiff, acquired no rights under it and therefore had no option on the property. Contracts — Offer and Acceptance. 4. Before an offer may be said to result in a binding promise it must have been communicated to the offeree and accepted by him, and unless there be a consideration for the offer, until the moment of acceptance it may be revoked, and an acceptance after revocation is inoperative. Same — Consideration — Forbearance to Enforce Legal Right. 5. To constitute forbearance to enforce a legal right a sufficient consideration for a contract, there must be an agreement to forbear. Same — Oil and Gas Lease — Consideration of One Dollar Subject to Explanation. 6. Under section 10605, subdivision 2, an acknowledgment of the receipt of a cash consideration of one dollar in an alleged oil and gas lease was subject to explanation. Same — Leases — Invalid for Want of Delivery — Statement Therein not Binding on Grantor. 7. If an instrument is invalid for want of delivery, statements contained therein are not binding on the grantor. Same — Offer and Acceptance — Revocation Before Expiration of Time Limit for Acceptance — Right of Offeror — Notice. 8. In the absence of a consideration, a written offer to lease oil and gas lands was revocable by the offeror at any time prior to the creation of a contract by acceptance, even though the time specified in which acceptance could be made had not expired, and withdrawal of the instrument by the offeror from the bank in which it had been deposited and notification of the fact to the offeree by the bank was a revocation, formal notice not having been necessary.

Mcfadden v. Mississippi State Board of Medical Licensure



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