Torts Keyed to Dobbs
Pinnacle Peak Developers v. TRW Investment Corp
TRW purchased 40 acres of property from Pinnacle Peak for residential housing. Their agreement required TRW to make improvements, including the building of roads and utility installation, by a certain date. TRW had an option to purchase additional acreage contingent on the completion of the above-mentioned improvements. The deadline for the option arrived, the improvements having been completed, and Pinnacle considered the option expired. TRW claimed that Pinnacle had fraudulently induced to forego the improvements, and thus the option period was still open. TRW alleged that it was induced to enter into the purchase and option agreement, relying on Pinnacle Peak’s promise that the non-completion of improvements in question would not be an impediment in the exercising of the option if significant progress towards completion had been made. Thus, they argued, Pinnacle had falsely represented their position. The trial court granted partial summary judgment to Pinnacle.
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