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MMLU / A seller listed real property for …

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question

A seller listed real property for 500,000,whichwassettoexpireonAug.1.Thecurrentlesseeofthepremises,whohadmadesubstantialimprovementstotheproperty,wantedtobuyatthefulllistpricebutneededextratime.Hepaid500,000, which was set to expire on Aug.1. The current lessee of the premises, who had made substantial improvements to the property, wanted to buy at the full list price but needed extra time. He paid 10,000 for an option to be added to the lease, giving him an option to buy on or before Sept. 1. The option stated that all notices required under it "shall be deemed given if given in writing and delivered personally, delivered by commercial delivery service, or by certified mail return receipt requested, to the party to receive the Notice" That notice was required by Sept. 1. Buyer called Seller on Aug. 25 and told her that he was exercising the option, but Seller did not remember the words used. The Buyer sent written intent to exercise it by first class mail on Aug. 29 but the Seller later testified that she did not receive it until September 3. On September 10 she notified Buyer that the option expired and the deal was off. Buyer filed a specific performance action to compel the transaction. Is it likely that the Equity Court will grant the request for specific performance?
Plain-text mathematical notation (without MathML)
A seller listed real property for 500,000,whichwassettoexpireonAug.1.Thecurrentlesseeofthepremises,whohadmadesubstantialimprovementstotheproperty,wantedtobuyatthefulllistpricebutneededextratime.Hepaid10,000 for an option to be added to the lease, giving him an option to buy on or before Sept. 1. The option stated that all notices required under it "shall be deemed given if given in writing and delivered personally, delivered by commercial delivery service, or by certified mail return receipt requested, to the party to receive the Notice" That notice was required by Sept. 1. Buyer called Seller on Aug. 25 and told her that he was exercising the option, but Seller did not remember the words used. The Buyer sent written intent to exercise it by first class mail on Aug. 29 but the Seller later testified that she did not receive it until September 3. On September 10 she notified Buyer that the option expired and the deal was off. Buyer filed a specific performance action to compel the transaction. Is it likely that the Equity Court will grant the request for specific performance?
Original LaTeX notation
A seller listed real property for $500,000, which was set to expire on Aug.1. The current lessee of the premises, who had made substantial improvements to the property, wanted to buy at the full list price but needed extra time. He paid $10,000 for an option to be added to the lease, giving him an option to buy on or before Sept. 1. The option stated that all notices required under it "shall be deemed given if given in writing and delivered personally, delivered by commercial delivery service, or by certified mail return receipt requested, to the party to receive the Notice" That notice was required by Sept. 1. Buyer called Seller on Aug. 25 and told her that he was exercising the option, but Seller did not remember the words used. The Buyer sent written intent to exercise it by first class mail on Aug. 29 but the Seller later testified that she did not receive it until September 3. On September 10 she notified Buyer that the option expired and the deal was off. Buyer filed a specific performance action to compel the transaction. Is it likely that the Equity Court will grant the request for specific performance?

choices

  1. Yes, the exercise of an option is not considered to be a situation where "time is of the essence" of the agreement, and options are liberally enforced so that the benefit of the bargain is not unreasonably lost.
  2. Yes, the delay was minimal, the lessee would suffer hardship, and the wording of the notice requirement did not absolutely require one of the stated forms of notice.
  3. No, because the Seller would be prejudiced by having to sell after the option date.
  4. No, because option contracts are strictly enforced and even a one-day delay cannot be allowed due to the need to have commercial predictability in such transactions.

subject

professional_law

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Source and history

task_id
10f08f5c-0e36-501c-b892-169ffcfdd106
task_key
all--test--10f08f5c-0e36-501c-b892-169ffcfdd106
task_revision_id
1
config / split
all / test

Official source

initial import