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Contracts Keyed to Farnsworth
Kanavos v. Hancock Bank & Trust Co
Facts
Plaintiff entered into a contract with Defendant for a right of first refusal on shares of stock in a real estate enterprise. Without giving Plaintiff notice and an opportunity to purchase the shares, Defendant sold the shares to a third party. At all relevant times, Plaintiff was experiencing financial difficulty. Plaintiff sued for breach of the agreement. In its defense, Defendant argued that the Plaintiff was not ready, willing, and able to perform (i.e., exercise the option) within the time specified in the contract. The trial court held that Plaintiff’s ability to pay the purchase price for the shares was not material to the question of whether he could recover damages, and the jury rendered a verdict in favor of the Plaintiff. The Supreme Judicial Court of Massachusetts held that Plaintiff’s ability to perform his obligation under the contract was material to the action, and remanded the case for a determination on that issue.
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