Russ Wyant owned Humble Ranch in South Dakota. Edward Humble was Wyants uncle and held a two-year
Question:
Russ Wyant owned Humble Ranch in South Dakota. Edward Humble was Wyant’s uncle and held a two-year option to buy the ranch from Wyant.
The option included specific conditions. Once it was exercised, for instance, the parties had thirty days to enter into a purchase agreement and the seller could become the buyer’s lender by matching the terms of the proposed financing.
After the option was exercised, Wyant and Humble engaged in lengthy negotiations. Humble, however, did not respond to Wyant’s proposed purchase agreement nor did Humble advise him of available financing terms before the option expired. Six months later, Humble filed a suit against Wyant to enforce the option. Is Humble entitled to specific performance?
Explain.
Step by Step Answer:
Business Law Text And Exercises
ISBN: 9780357717417
10th Edition
Authors: Roger LeRoy Miller, William E. Hollowell