Court Opinion

ID: 5032687
Source: CourtListenerOpinion
Date Created: 2021-10-01 05:38:36.411529+00
Date Added: 2024-06-11T14:06:55.728459
License: Public Domain

In my opinion the contract is not ambiguous. In arranging a loan a necessary step was to obtain a commitment from the lender. It is common business practice, as a matter of common knowledge, to arrange mortgage loans in substantial amounts by binding the lending agency to advance funds. The term 'commitment' has a generally accepted meaning in commerce and finance, of which we cannot claim lack of knowledge. The parties simply agreed that plaintiff would undertake to obtain a loan commitment; and that if and when he did, and upon its delivery and acceptance, he would be paid a 2% brokerage commission. Defendant's cause of action, if the commitment is breached, is against the lender.
I concur in affirmance only on findings concerning accord and satisfaction. *Page 652