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Contracts Keyed to Barnett
Smith v. Wheeler
Citation:
Supreme Court of Georgia, 233 Ga. 166, 210 S.E.2d 702 (1974)Facts
Wheeler and Smith entered into an option agreement on March 17, 1973 by which Wheeler gave Smith a one-year option to buy Wheeler’s property in Rockdale County in consideration of $1. The $1 was not paid. On May 22, 1973, Wheeler, through his attorney, informed Smith in a letter that due to the fact Smith had never paid the $1 he would take the position that the option agreement was not enforceable. Wheeler went on to state that he intended to sell the property to another individual and that Smith had no legal rights in the property. On March 11, 1974, Smith sent Wheeler notice by registered mail that he was prepared to exercise his option to buy the property and enclosed $1. Smith stated that he was ready to pay $30,000 in cash and that the closing was scheduled for 11 A.M. on March 15, 1974 at a local bank. Wheeler refused to receive delivery on the letter, and filed a complaint asking that the option agreement be declared a nullity due to the failure to deliver $1 as consideration.
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