Marsh v. Lott

97 P. 163 (1908)

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Nature of the Case

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Facts

P and D entered into an option contract on February 25, 1905. It stated: 'For and in consideration of the sum of twenty-five cents to me in hand paid, I hereby give Robt. Marsh & Co. an option to purchase, at any time up to and including June 1st, 1905, with privilege of 30 days extension, from date hereof, the following described property, to-wit: South 1/2 of lot 9 & all of lot 8, block 101, Bellevue Terrace tract, and all of the property owned by myself in above block, for the sum of one hundred thousand dollars, payable thirty thousand cash, balance on or before 4 years, 4 1/2% net. On the first strike date, P notified D of his election to extend the option. The next day, D revoked the option. On June 29, P paid D $30,000 pursuant to the February 25^th option agreement. D declined. P brought suit to enforce the agreement. The court granted D summary judgment, and P appealed.