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Contracts Keyed to Ayres
Humble Oil & Refining Co. v. Westside Investment Corp.
Citation:
428 S.W.2d 92.Facts
The Defendant (Westside) and the Petitioner (Humble) executed an option contract on April 5 for the sale of a plot of land, which was to remain open for Humble to accept at any time until June 4. The Petitioner paid the Defendant $50 at the time of execution of the contract as consideration, and the contract required that the Petitioner make a further $1750 payment within 10 days of exercising the Petitioner’s power of acceptance, with the rest of the purchase price payable later. On May 2, the Petitioner sent a letter stating that the Petitioner accepted the option to buy, but pursuant to an amendment of the original contract to include the extension of utilities to the property. On May 14, within the term of the option contract, the Petitioner sent another letter, expressing an unqualified acceptance of the terms of the original contract and repudiating the amendment discussed in the May 2 letter. Petitioner also made the $1750 payment as required.
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