Abbott v. '76 Land & Water Co.

Citations

• 87 Cal. 323
• 25 P. 693
• 1891 Cal. LEXIS 982

Syllabus

<p>Landlord and Tenant — Lease —Option to Purchase — Renewal — Parol Extension ou Option — Clause Omitted by Agreement. — An option to purchase inserted in a lease for one year, with the understanding that the lease may be renewed from year to year, not exceeding two more years,'and that the option may be exercised upon previous notice on the 1st of October in any year throughout the entire tenancy, at prices to be fixed by the lessor annually, continues under a renewed lease for a second year, though the clause mentioning the option is left out of the second lease, by agreement, as unnecessary, with the mutual auderotanding and agreement that the option was nevertheless extended.</p> <p>Id. — Purchase Price. — The purchase price remains as specified in the lease for the first year, if the lessor did not avail himself of the right conferred by the terms of the contract to change the price for the second year, but merely refused to receive the money tendered, and repudiated the contract when the option was exercised under the second lease.</p> <p>Id. — Specific Performance — Evidence—Corporations—Declarations of Secretary —• Managing Agent. —■ In an action to enforce the option to purchase against the corporation lessor, statements made to the plaintiff by the secretary of the corporation, at the time of the renewal, as to the immateriality of the omission and the extension of the right of purchase under a general rule of the corporation, are admissible in evidence against the corporation, it appearing that the secretary had charge of its business, and acted for it in the leasing and selling of its lands.</p>