Terrapin Development, LLC v. Irene M. O'Malley Revocable Trust

Syllabus

The plaintiff, Terrapin Development, LLC (Terrapin), appealed from a final judgment of the Superior Court denying its claim for specific performance of a purchase and sale agreement (PSA) related to a planned subdivision in Cumberland, Rhode Island. The trial justice found that Terrapin had not shown that it was able to perform under the PSA. He further found that the defendants, Irene M. O'Malley Revocable Trust and its trustees (collectively the Trust), had not unjustifiably failed to perform under the PSA. Thus, the trial justice declined to grant specific performance and granted the Trust's request to terminate the PSA. The Supreme Court held that the trial justice did not err because, contrary to Terrapin's contention, he did not overlook evidence that Terrapin was ready, willing, and able to perform under the PSA, nor did he overlook evidence that the Trust was unjustified in its failure to consummate the PSA. Thus, the Supreme Court affirmed the judgment of the Superior Court.