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Equity-Specific Performance-Decrease In Money Value Subsequent To The Inception Of An Option Contract Is Not Hardship, Harry T. Baumann S. Ed.

Michigan Law Review

ln 1940 defendant leased his property to the plaintiff for ten years with an option to purchase for $25,000 at any time within the term of the lease. One month before the lease expired, the plaintiff gave defendant notice of his election to exercise the option. Defendant claimed that, subsequent to exercise of the option, a fair bid of $35,000 had been made by a third party and, therefore, he was not required to convey. In an action for specific performance, the trial court held that the subsequent bid was of no effect under the contract, and the plaintiff was …