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    Contracts Keyed to Summers

    Holiday Inns of America, Inc. v. Knight

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    • Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:

      D. Manley Knight (Defendant) entered a contract granting an option to the predecessor in interest of Holiday Inns of America, Inc. (Plaintiff). The contract was executed on September 30, 1963, granting the optionee a five-year option to purchase real property for $198,633. In exchange for the option, the optionee was required to make an initial payment of $10,000 followed by four additional installments of $10,000 for each year of the five-year option. The payments were to be paid into an escrow account maintained by Security Title Insurance Company (Security Title) beginning July 1, 1964. The contract provided the option would be canceled if the optionee failed to make payment by July 1 of each year. The initial payment and the annual installment payments for 1964 and 1965 were timely made. In 1966, Plaintiff mailed a check for $10,000 to Defendant. Defendant received the check on July 2, 1966. Defendant returned the check to Plaintiff, informing Plaintiff the option contract was canceled. On July 8, 1966, Plaintiff sent another check to Security Title. Defendant again refused the payment. Plaintiff sued, seeking a declaration that the contract was still in force. Both parties moved for summary judgment. The trial court granted summary judgment for Defendant.

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    Holiday Inns of America, Inc. v. Knight