Contract—Parties—Loan transaction—Bank advancing money to enable customer
repair boat engine—Customer mortgaging house to bank to secure loan—Nature of
relationship created between bank and customer—Debtor-creditor relationship—Bank
attempting to sell boat on default of payment by customer—Nature of interest of bank
in repaired engine—Whether right in personam or in rem—Whether bank entitled to
sell boat.
Contract—Breach of contract—Forebearance—Postponement of stipulated time—
Bank offering to sell boat to customer—Customer to pay purchase price within
stipulated time—Late payment of purchase price by customer—Payment nevertheless
accepted by bank—Bank unable to deliver vessel—Lateness in paying purchase price
given as basis for non-delivery—Whether bank deemed to have waived time for
payment—Whether failure to deliver constituted breach of contract.
Sale of goods—Contract of sale—Breach of—Seller unable to deliver goods to
buyer—Remedy available to buyer—Mode of assessing measure of damages.