Court Opinion

ID: 9563966
Source: CourtListenerOpinion
Date Created: 2023-08-21 18:51:16.896535+00
Date Added: 2024-06-11T09:18:09.710178
License: Public Domain

CROCKETT, Justice
(concurring).
I concur in affirming the judgment of the trial court based upon the conclusion which seems entirely reasonable from all the circumstances disclosed by the evidence that the parties did not intend that there was to be a forfeiture of 67,000 shares of stoclc for the mere failure to return the $1,000 within the precise limit of 10 days. The fair import of the agreement, coupled with the conduct of the parties indicates that the extra $1,000 which was to be furnished for the purpose of obtaining certification from the A. E. C. was to be compensated by issuance of 67,000 shares of stock in the Wyoming Uranium Corporation if it were necessary for Armstrong to use the money for that purpose; otherwise, that second $1,000 was to be returned and the stock was not to be issued. The limitation of 10 days was recited in the agreement because the parties understood that a change in the law was imminent and it was assumed that such *294fact could be ascertained within that time. The use of such $1,000 was not necessary and it was returned to Reed within a reasonable time; the latter had theretofore made no demand for the money, nor did he make any objection to accepting it late when it was tendered. It was only when more than a year had elapsed, and the stock had enhanced in value, that he asserted the demand upon the basis that the $1,000 had not been returned within the 10-day period. Further, there is no indication that he was damaged or even inconvenienced by the late return of the money. Under such circumstances and when the terms of a contract have been complied with, time is not of the essence and no damage or forfeiture can he had for failure to perform exactly within the time recited.