SITOGUM HOLDINGS, INC. V. ROPES
800 A.2d 915 (2002)
NATURE OF THE CASE: Ropes (D) filed a motion for summary judgment in Sitogum's (P) suit compel specific performance of an option agreement.
FACTS: D, husband and wife, were the owners of waterfront property in New Jersey. They also owned a winter home in the Cayman Islands. It was in the Cayman Islands that Mr. Ropes, died suddenly on January 3, 2000. D, who was 81, almost immediately executed two separate powers of attorney on the same day--January 13, 2000; one in favor of third-party defendant Marlene Van Noord and the other in favor of Linda Dowhan. On January 26, 2000 another power of attorney, prepared by P was also executed by d in favor of Ms. Van Noord. The next day, Ms. Van Noord executed an option to purchase the New Jersey property in favor of P. P got an option to purchase within eight months, for $800,000. P agreed to pay $ 1000 per month for this option. A February, 2000 held the property to be worth between $1,500,000 and $1,750,000. Efforts were being made to market the property through D's other attorney-in-fact. P recorded a 'Memorandum of Option to Purchase Real Property' on or about April 11, 2000. On April 13, 2000, D executed a contract for the sale of the New Jersey property to another party for $1,500,000. P exercised its option to purchase. P filed this suit to compel specific performance of the option agreement. D moves for summary judgment.
ISSUE:
RULE OF LAW:
HOLDING AND
DECISION:
LEGAL ANALYSIS:
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