FERRERO CONSTRUCTION COMPANY V. DENNIS ROURKE CORPORATION
536 A.2d 1137 (1988)
NATURE OF THE CASE: This was a dispute over a first right of refusal.
FACTS: Dennis Rourke Corp. (P) and Ferrero Construction Corp. (D) entered into a contract
for the purchase to two lots. A first right of refusal was given on seven lots remaining. P
never recorded the contract. Settlement was in May 1981. On March, 1984, D notified P of an
offer to purchase one of the remaining lots. P then notified D that it was exercising its
first right of refusal and that D provide it with a copy of the third party offer. P then
got the copy and then mirrored the other offer. P informed D that it was prepared to settle
on April 24, 1984. D then informed both parties that it would reject both offers; both
offers were returned unsigned. P sued D for specific performance. D prevailed in that the
first right of refusal was deemed violative of the Rule Against Perpetuities and based on
that, D also prevailed in the P's offer was mistaken on the first right of refusal clause
being valid as such there was no contract under mutual mistake of law. The Court of Special
Appeals reversed in that the Rule was not applicable and hence there was offer and
acceptance.
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