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Contracts Keyed to Ayres
V.S.H. Realty Inc. v. Texaco Inc.
Citation:757 F .2d 411.
In August of 1983, the plaintiff offered to purchase from the defendant a used petroleum storage facility for 2.8 million dollars. The defendant accepted the offer and the plaintiff made a deposit of $280,000 to be applied against the purchase price. Attached to the offer to purchase was an acknowledgement signed by the defendant that to the best of the company’s knowledge and and belief it had not received any notice, demand or communication from any local county, state or federal department regarding modifications or improvements to the facility or any part thereof. The plaintiff expressly stated in the offer that it had inspected the property and accepted it as is without any representation on the part of Texaco and its condition. When representatives of the plaintiff visited the property they observed oil seeping from the ground. During another visit, the representatives observed more oil seeping from the ground. The plaintiff stated that it wouldn’t go through the purchase unless the defendant fixed the oil problem, provided the plaintiff with full indemnification or reduced the purchase price. The defendant refused. The plaintiff demanded return of its down payment. Defendant again refused and the plaintiff sued.
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