Florida Yacht Club v. Renfroe

Citations

• 67 Fla. 154
• 64 So. 742

Syllabus

<p>1. A lease of real estate for twenty years, containing an option by the lessee to purchase the leased premises at any time during the life of the lease — the purchase price to be fixed by five arbitrators or appraisers — two to be chosen by the lessor, two by the lessee, and the fifth by the other four — • is a legal and binding contract enforcable in equity between the parties to the lease contract and their assigns and privies, the words “at a price and upon terms to be decided, fixed and determined by a majority vote of the board of five arbitrators,” taken in connection with the context could only mean that the arbitrators were to fix the price to be paid for the property and the time and manner of payment, and the only proper parties to engage in the selection of the arbitrators were the complainant and the owner of the legal title.</p> <p>2. A contract of lease containing an option on the part of the lessee to purchase land, upon acceptance of the option becomes a binding contract between the parties, and implies that a good title shall be made.</p>