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

Teachers (D) entered into a loan commitment agreement with Price which was subsequently assigned to City Centre (P) for the construction of an office building. The loan amount was $14.5 million. Each party claims that the other was unwilling to close the loan by April 1, 1986. P seeks a judgment declaring that the loan commitment was voidable at its election and D seeks specific performance.

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