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Contracts Keyed to Summers
Marsh v. Lott
Facts
On February 25, 1905, Robt. Marsh & Co. (Plaintiff) agreed to pay M.A. Lott (Defendant) twenty-five cents (25¢) for the option to purchase land owned by Defendant for $100,000, with a $30,000 payment due within four years. The contract gave Plaintiff the option to purchase the land up until June 1, 1905, with the possibility of a thirty-day extension. On June 1, 1905, Plaintiff notified Defendant that he elected to extend the option for thirty days. On June 2, 1905, Defendant revoked the option. On June 29, 1905, Plaintiff paid Defendant $30,000 pursuant to the February 25 agreement. Plaintiff later sued to enforce the option contract. The trial court found that the twenty-five (25¢) paid for the option was inadequate and found in favor of Defendant.
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