ASH PARK, LLC. V. ALEXANDER & BISHOP, LTD
783 N.W.2d 294 (Wis. 2010)
NATURE OF THE CASE: Alexander (D), buyer, appealed a decision that affirmed a summary
judgment in favor of Ash (P), seller, and ordered specific performance of a real estate
contract.
FACTS: D made an offer to purchase a parcel of real estate from P with the plan of
developing it into a multi-tenant retail shopping center. P submitted a counter-offer, which
set the purchase price at $6.3 million, with the closing date to take place on or before
December 14, 2007. This was accepted by D. If D could not secure an anchor tenant, it could
terminate the contract. D also had the right to extend this lease contingency period. The
contract explicitly provided for specific performance as a remedy for 'material failure to
perform any obligations under this Offer. D had not secured an anchor tenant by July 20,
2007, and it exercised its option to terminate the contract. D had not secured an anchor
tenant by July 20, 2007, and it exercised its option to terminate the contract. On August 1,
the parties signed an 'Agreement to Reinstate Vacant Land Offer to Purchase.' The
reinstatement agreement did not alter the extension dates, the closing date, or the terms of
the lease contingency. D still retained two options: (1) extend the lease contingency for an
additional period of two months, or (2) terminate the contract. The contract became binding
on September 20. On October 9, D informed P that its prospective anchor tenant was not
interested in immediately leasing the property. The closing did not occur and P filed a
complaint for specific performance or damages at law. D argued that the damages at law were
adequate and thus specific performance was unavailable. The court determined that the
contract had been reinstated and that D had breached the contract. The court ordered the
parties to specifically perform the contract. It reasoned that the property was unique, that
specific performance was the preferred remedy under and that under the terms of the contract
the parties had bargained for this remedy. D appealed and the court of appeals affirmed. D
appealed again.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
Get
free access to the entire content for Mac, PC or Online
for 2-3 days and free samples
of all kinds of products.
for 2-3 days and free samples of all kinds of products.
https://bsmsphd.com
© 2007-2016 Abn Study Partner
No comments:
Post a Comment