This section contains the nature of the case and procedural background.

D signed a document which purported to grant to P a 60-day option to purchase S's home. That document, which was drafted by P's agent, acknowledged receipt by D of 'One and no/100 ($ 1.00) Dollar and other valuable consideration'. P concedes that neither the one dollar nor any other consideration was ever paid or even tendered to D. On April 14, 1966, P delivered to D written notice of its intention to exercise the option. On the closing date, D rejected P's tender of the purchase price. P sued for specific performance. D claimed that the purported option was void for want of consideration. The court held that D's acknowledgment of receipt of consideration bars any subsequent contention to the contrary. The trial judge entered judgment for P. D appealed.

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