Cengage Advantage Books: Fundamentals of Business Law Today 10th Edition by Roger LeRoy Miller

Exercise 16

Conditions of Performance. Russ Wyant owned Humble Ranch in South Dakota. Edward Humble was Wyant's uncle and held a two-year option to buy the ranch from Wyant. The option included specific conditions. Once it was exercised, for instance, the parties had thirty days to enter into a purchase agreement and the seller could become the buyer's lender by matching the terms of the proposed financing. After the option was exercised, Wyant and Humble engaged in lengthy negotiations. Humble, however, did not respond to Wyant's proposed purchase agreement nor advise him of available financing terms before the option expired. Six months later, Humble filed a suit against Wyant to enforce the option. Is Humble entitled to specific performance? Explain. [ Humble v. Wyant, 843 N.W.2d 334 (S.Dak. 2014)] (See Contract Discharge.)