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IN RE FAIRFIELD GENERAL CORP.

75 N.J. 398 (1978)

383 A.2d 98

IN THE MATTER OF FAIRFIELD GENERAL CORP., A NEW JERSEY CORPORATION. JOHN J. McLAUGHLIN, RECEIVER FOR FAIRFIELD GENERAL CORPORATION, PLAINTIFF-APPELLANT, v. VERNON E. PRESLEY, EXECUTOR UNDER THE LAST WILL AND TESTAMENT OF ELVIS PRESLEY, DECEASED, DEFENDANT-RESPONDENT.

The Supreme Court of New Jersey.

Decided February 15, 1978.

Attorney(s) appearing for the Case

Mr. John J. McLaughlin argued the cause for appellant (Mr. McLaughlin, attorney pro se; Mr. Elliot Scher, on the brief).

Mr. Waldron Kraemer argued the cause for intervenor-appellant International Controls Corporation (Messrs. Kasen and Kraemer, attorneys).

Mr. Lewis M. Holland argued the cause for respondent (Messrs. Chasan, Leyner, Holland and Tarrant, attorneys).

The opinion of the court was delivered by PASHMAN, J.

At issue is the correctness of a Superior Court, Chancery Division holding that a prospective buyer may unilaterally withdraw from an agreement for the purchase of an aircraft made with the statutory receiver of its insolvent corporate owner. The lower court's action was based on its perception of the effect of a contingency clause in the agreement purporting to make the buyer's offer to purchase non-binding until...

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