Harding v. Gibbs

Citations

• 125 Ill. 85
• 17 N.E. 60

Syllabus

<p>1. Contract—option to purchase—strictness required in its exercise. In the case of a unilateral contract, where one party has the option to purchase property, and the other is bound to sell upon the exercise of the option, by the one having the same, any delay on the part of the latter in making and giving notice of his election to buy, when called upon under the terms of the agreement to make his election, will be viewed with especial strictness. To avail of such an option, the party having the right is held to a strict compliance with the terms and conditions upon which it is made to depend.</p> <p>2. Same—the particular case—a contract construed—involving an option to purchase. The equitable owner of property leased the same for a term of five years, with the privilege to the lessee to purchase the same during the first year of the term for $9500, and it was agreed that if the lessor had an offer to purchase, ten days notice thereof should be given to the lessee, and he was to have the option of buying at the price offered, (not, in any event, to exceed $9500,) and if he did not decide to purchase within ten days, the lessor might sell the property, but if the lessee elected to purchase, he was to have thirty days to close the purchase. It was also agreed, that in the event the lessor should have an offer for the property after the first year, the lessee should have the privilege of buying at that offer. About a month after the execution of the lease, a third party offered the lessor $9500 for the property, and the latter caused a deed to be made to the purchaser, and served a written notice of the offer on the lessee, signed in the lessor’s name, his sale depending on the termination of the lessee’s option. The lessee paid no attention to the notice, but before the end of the first year offered to take the property at the price named, and tendered the proper writing for that purpose to the purchaser, and on his refusal to sell, filed a bill for the specific p