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Contracts Keyed to Burton
W.W.W. Associates, Inc. v. Giancontieri
Citation:
77 N.Y.2d 157, 565 N.Y.S.2d 440, 566 N.E.2d 639Facts
W.W.W. Associates, Inc. (plaintiff) contracted with the Giancontieris (defendants) for the sale of a two-acre parcel of land for a total purchase price of $750,000. The parties signed a written contract that contained a reciprocal cancellation provision and a merger clause. The merger clause provided that the contract constituted the parties’ entire agreement. The reciprocal cancellation provision provided that either party could cancel the contract within ten days of signing or at closing if the seller was unable to deliver building permits for fifty housing units. The contract did not close on the date originally planned. The Giancontieris cancelled the contract and returned the down payment, which W.W.W. Associates refused. W.W.W. Associates sued the Giancontieris.
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