United Virginia Bank/Citizens & Marine v. Union Oil Company Of California

197 S.E.2d 174 (1973)

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Nature of the Case

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Facts

On April 7, 1966, Abbitt and D entered into an option for the purchase of land. It was later assigned by D to Sanford, the active appellee here. D was granted the right and option to purchase a parcel of land 200 feet by 200 feet. The option was granted for a period of 120 days and that the 120 period was to begin at the time the City of Newport News, Virginia acquires the right of way of Boxley Boulevard Extension and new U.S. 60. P sued D contending the option was invalid as violative of the rule. P says that on April 7, 1966, the date the agreement was executed, 'it was not known when, if ever, the City would acquire the rights-of-way. D contends that since the proposed highways were shown on the major thoroughfare plan and were contemplated to be completed at the latest by January 1987, or within 21 years from April 7, 1966, the date of the option agreement, the limitation created by the agreement did not violate the rule against perpetuities. D also says the court should hold the rule inapplicable to option contracts. D also plead that the agreement should be reformed under cy pres or at least to apply the wait and see doctrine. The court ruled for D and P appealed.