Case Name: Constantine Joannides and Another, Doing Business under the Trade Name of U. S. Standard Trading Company, Appellants, v. Theodore N. Assimacy, Doing Business under the Trade Name of American Products Sales Company, Respondent
Court: New York Supreme Court, Appellate Division
Jurisdiction: New York
Decision Date: 1926-03-19
Citations: 216 A.D. 133
Docket Number: 
Parties: Constantine Joannides and Another, Doing Business under the Trade Name of U. S. Standard Trading Company, Appellants, v. Theodore N. Assimacy, Doing Business under the Trade Name of American Products Sales Company, Respondent.
Judges: 
Reporter: Appellate Division Reports
Volume: 216
Pages: 133–134

Head Matter:
Constantine Joannides and Another, Doing Business under the Trade Name of U. S. Standard Trading Company, Appellants, v. Theodore N. Assimacy, Doing Business under the Trade Name of American Products Sales Company, Respondent.
First Department,
March 19, 1926.
Richard B. Hand, for the appellants.
McDonnell & Lebett [George J. McDonnell of counsel], for the respondent.

Opinion:
McAvoy, J.
The proposed contract or option to purchase alcohol was unperformed by, defendant. Plaintiffs assert damage. The validity of the option is undisputed. The option expired on a legal holiday. The General Construction Law (§ 25), which extends the time of performance of a condition of a contract until the next business day following a public holiday, is in spirit at least in conformity with the action of plaintiffs in tendering performance of the option on the day following the holiday on which their option would have otherwise expired. While an option is not a strict contract until it is made a mutual obligation by acceptance, yet it is so obviously contractual in its inherent nature as to come within the general term and is governed by section 25 of the General Construction Law.
The judgment appealed from should, therefore, be reversed and a new trial ordered, with costs to the appellants to abide the event.
Dowling and Merrell, JJ., concur; Finch and Martin, JJ., dissent.