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Centex v. Dalton: Difference between revisions
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In November 1988, Centex contacted Mr. Dalton to see his assistance. Namely, Centex wanted to acquire some thrift institutions to expand its business. | In November 1988, Centex contacted Mr. Dalton to see his assistance. Namely, Centex wanted to acquire some thrift institutions to expand its business. | ||
Dalton notified Centex about 4 potential small banks for acquisition by Centex. In December 1988, Centex agreed to pay Dalton $750,000 over the course of a 3-year period. | Dalton notified Centex about 4 potential small banks for acquisition by Centex. In December 1988, Centex agreed to pay Dalton $750,000 over the course of a 3-year period. The board of Centex rejected the finder's fee for Dalton. | ||
As a result, Centex refused to remunerate Dalton. Within a few month, the board of Centex was dissolved. | |||
|procedural_history=Dalton sued Centex in a Texas trial court for the breach of his original contract with Centex which the Centex board had later repudiated. | |||
|issues=What if it becomes impossible to remit payment for something that we've received? | |issues=What if it becomes impossible to remit payment for something that we've received? | ||
|case_text_links={{Infobox Case Brief/Case Text Link | |case_text_links={{Infobox Case Brief/Case Text Link | ||
Revision as of 21:21, August 31, 2023
| Centex v. Dalton | |
| Court | Texas Supreme Court |
|---|---|
| Citation | 840 S.W.2d 952 |
| Date decided | December 16, 1992 |
Facts
Centex Corporation ("Centex") is a company specializing in construction & finance of homes.
In 1988, the U.S. government directed all savings and loan associations (S&L), or thrift institutions to join larger banks.
In November 1988, Centex contacted Mr. Dalton to see his assistance. Namely, Centex wanted to acquire some thrift institutions to expand its business.
Dalton notified Centex about 4 potential small banks for acquisition by Centex. In December 1988, Centex agreed to pay Dalton $750,000 over the course of a 3-year period. The board of Centex rejected the finder's fee for Dalton.
As a result, Centex refused to remunerate Dalton. Within a few month, the board of Centex was dissolved.Procedural History
Dalton sued Centex in a Texas trial court for the breach of his original contract with Centex which the Centex board had later repudiated.
Issues
What if it becomes impossible to remit payment for something that we've received?
