- Legal Expert News
- Law Firm News
- Career News
- Headline Legal News
- Legal Trend News
- Legal Business
- Local Court News
- Court Watch
- Legal Interview
- Topics in Legal News
- Press Release
- Politics & Legal
- Market News
- Supreme Court blocks some redrawn North Carolina districts
- Court allows Pennsylvania to redraw GOP-favored district map
- Court rules that Kushner firm must disclose partners' names
- Court rules Puigdemont must return to Spain for re-election
- Analysis: Outside groups may factor in Arkansas court race
- Pennsylvania GOP take gerrymandering case to US high court
- Top Pakistani court orders arrest of escaped police officer
- Malaysia's top court annuls unilateral conversions of minors
- Officials ask court to send Kennedy cousin back to prison
- Court to hear bid to dismiss lawsuit in Freddie Gray case
The landowner, 216 Jamaica Avenue, sued S&R Playhouse Realty to enforce a "gold clause" in the original lease for the Halle Building, which was signed in 1912.
Instead of being paid the annual $35,000 rent in cash, Jamaica asked to be paid in 35,000 gold coins. The district court declined to enforce the clause, but Judge Sutton reversed the decision.
Gold clauses were used as a safety net against the effects of inflation until they were outlawed by Congress in 1933. Forty-four years later, Congress reversed field and allowed gold clauses to be enforced again.
Despite this winding road, Sutton ruled that the 99-year lease signed by the Halle brothers in 1912 is still standing because the 1982 assignment agreement between the two parties obligated S&R to the terms of the lease.
"The parties to a contract are free to structure it however they wish, so long as they do not offend a constitutional, statutory or common-law prohibition," Judge Sutton wrote.
The judge also refuted S&R's objection that there was no "meeting of the minds" by noting that the assignment agreement quoted extensively from the 1912 contract.
"That clarity precludes S&R from establishing that the parties failed to have an objective meeting of the minds," Sutton wrote.
Since the gold clause is enforceable, Sutton remanded the case to district court to determine how much S&R will have to pay.
Legal News Media
Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.