CW ROSENSTOCK (as admin of estate of HW ELSER) vEDWIN BURKE, THE COOPER COP!N"1924Ponente: Avancena, J.#!CTS1. Burkeowneda yachtcalled BronzewingpurchaedinAutralia!or ale2. Burke "ortgaged it !or a loan o! 1##k !ro" $r Avery %"anager o!Aia Banking &orp', which he wa una(le to pay). *ler wanted organize a yacht clu( and ell the yacht to"e"(er o! the clu( !or 12#k 4. *ler would keep 2#k a co""iion and 1##k would go to Burke+. Burke ac,uired a written option aying that *ler con-r"ed hiver(al o.er o! 12#k !or the yacht, with the o.er open !or )# day!ro" 12 /e( 19220. *ler propoedconductinga pleaurecruie the outh, withpro"inent (uine"en a(oard the yacht a a "ean toadvertie the yacht1. 2o -3 the yacht, *ler incurred e3pene o! 0k (ecaue Burke hadno "oney4. *ler atte"pted to loan 2#k !ro" $r Avery (ut the latter re!ued,in view o! the u(iting de(t9. *ler noti-ed Burke that he wa now unwilling to purchae theyacht !or "ore than 1#k and that he hould talk to $r Avery1#. *ler wrote a letter %) April 1922' tating that he would pay4#k !or the yacht, with 1#k downpay"ent and +k "onthlyintall"ent, and would ue 4#k worth o! tock !ro" Pickering5nc a ecurity, igned (y Burke, *ler, Avery11. &urrent action i !or *ler6 recovery o! 0k ued to -3 theyacht!R$UENTS1. Burkea. Agree"ent wa that Burke would pay !or repair ine3change !or gratuitou ue o! the yacht(. &ro7co"plaint: co"ply with letter tating ale, and givedownpay"ent o! 1#kTRI!L COURT1. 8ith repect to Burke: Pay 0k to *ler, pay 1k to &ooper&o"pany !or unpaid repair2. 8ith repect to *ler: Purchae the yacht %appealed (y *ler to9&'ISSUE8:; letter written on ) April 1922 wa a valid contract o! ale (indingon *lerRULIN$1. ;oa. A co""on "an would ue