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Contracts Keyed to Murphy
American Standard, Inc. v. Schectman
Facts
Plaintiffs own a piece of land near the Niagara River where, since the 1870s there had been a factory of some kind or another. It had several buildings as well as a blast furnace, and other industrial equipment. Plaintiff wanted to sell the land. Plaintiff agreed to convey to Defendant, a demolition and excavation contractor, all of the equipment on the land if he would remove all the equipment, demolish the structures and grade the land to a depth of one foot. Defendant did not grade the property to one foot, nor did he remove the foundations and other structures. Plaintiffs were able to sell the property for $183,000.00, which was $3000.00 below fair market value.
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