108 Iowa 277 | Iowa | 1899
I. It was well settled, prior to tbe enactment of chapter 93 of tbe Acts of tbe Twentieth General Assembly, that an executory contract for the sale of property is void where delivery of the property was neither made nor contemplated, and where settlement was to be made by tbe payment of tbe difference between the contract price and tbe market price of tbe property at the time fixed for settlement. First National Bank of Lyons v. Oskaloosa Packing Co., 66 Iowa, 41, and eases therein cited. See, also, Counselman v. Reichart, 103 Iowa, 430. Transactions of that kind are mere gambling contracts. Bank v. Carroll, 80 Iowa, 11. See, also, Shipley v. Reasoner, 80 Iowa, 548; Osgood v. Bander, 75 Iowa, 550. They are also prohibited by chapter 93, already cited. If, therefore, tbe note in suit was given in settlement of a balance wbicb grew out of dealings in options, it is void.
Some claim is made to the effect that the defendants are estopped to disputo the validity of the note, but the claim is not supported by the evidence. The finding of the district