WALKER V. KEITH
382 S.W.2d 198 (1964)
NATURE OF THE CASE: Walker (D), lessors, challenged the decision of the lower court,
which granted a declaratory judgment in favor of Keith, (P), lessee in his action that
sought an adjudication that he had effectively exercised an option to extend a lease, and a
further determination of the amount of rent to be paid upon the lease's renewal. The
chancellor fixed a new rent amount because the parties had been unable to agree upon the
rental amount.
FACTS: D leased a small lot to P for a 10-year term at a rent of $100 per month. P was
given an option to extend the lease for an additional 10-year term, under the same terms and
conditions except as to the rental price. The renewal rental was to be fixed in such amount
as shall actually be agreed upon by P and D with the monthly rental fixed on the comparative
basis of rental values as of the date of the renewal with rental values at this time
reflected by the comparative business conditions of the two periods. P gave the proper
notice to renew but the parties were unable to agree upon the rent. P sued D. Based upon the
verdict of an advisory jury, the Chancellor fixed the new rent at $125 per month. D
appealed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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