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Contracts Keyed to Knapp
Prochazka v. Bee-Three Development, LLC
Citation:
2015 Ark. App. 384, 466 S.W.3d 448 (2015)Facts
Bee-Three Development, LLC entered into a written agreement to purchase a commercial lot from Robert and Donna Prochazka. The agreement contained an inspection period during which Bee-Three could conduct various tests and investigations. Article 4.3 of the agreement stated that if Bee-Three determined “in its sole and absolute discretion, that the Property is not suitable for Buyer’s intended use,” it could terminate the agreement by notifying the sellers in writing before the end of the inspection period. During the inspection period, Bee-Three terminated the agreement because a potential tenant had decided to renew their lease at their current location instead. Bee-Three demanded the return of $7,000 in earnest money, but the Prochazkas refused, arguing that the termination was not related to any property inspection findings as contemplated in Article 4.1 of the agreement. The circuit court granted summary judgment to Bee-Three, finding that the termination clause gave Bee-Three an “absolute” right to terminate within the inspection period.
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