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Contracts – Annuity Contract; Missing Term
cassiejohnson//July 18, 2014//
Where the purchaser of an annuity filed an action for breach of contract and unjust enrichment and sought class certification on behalf of annuity purchasers who surrendered their annuities after they were discontinued, the contract did not specify the interest rate to be applied in the event that the defendant no longer offered new certificates of the annuity, but the parties’ bargain was sufficiently defined as a contract with a failure to agree on a missing term, so the court may refer to extrinsic evidence to supply the term, and the plaintiff did not show a genuine issue of material fact concerning the reasonableness of the interest rate selected for the missing term. Judgment affirmed.
13-2045 Murr v. Midland National Life Insurance Company, appealed from Southern District of Iowa, Wollman, J.
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