Hedderly

On July 10, 1965 John M. Roach signed a document prepared by a business broker entitled: 11 Offer and Deposit on Sale of Business.” The document constituted a purported offer on the part of Mr. Roach “or Corporate Nominee” to purchase from defendants (owners of a master lease) a restaurant and cocktail bar business, and to give a 12-year sublease of the premises on South Western Avenue in the City of Los Angeles. The purchase contract provides, among other things: (1) that the purchase is “Subject to buyers receiving a sub-lease of the premise at the terms of $450 per month for 5 years; $475 per month for 4 years; $500 per month for 3 years; subject to buyers approval”; (2) that the unpaid balance of the purchase price is to be secured by a “pledge of the corporate stock”; (3) that the purchaser is John M. Roach or corporate nominee. The offer was accepted by defendants. On July 22, 1965 and subsequent to the date of *146 defendants’ acceptance, Roach sent a letter to the defendants. By this letter, Roach sought to exercise his right of nomination, and named the plaintiff as nominee purchaser of the business. Escrow was opened by plaintiff, and the defendants refused to go through…