Laz-Karp Realty, Inc. v. Gilbert

OPINION

FRANCIS J. BOYLE, Chief Judge.

Plaintiff, Laz-Karp Realty, Inc., entered into a purchase and sale agreement with defendant, James F. Gilbert, on February 8, 1989. The agreement provided for the sale of land and buildings located in the central business district of the City of Providence. Laz-Karp was in the business of operating parking garages and planned to construct and operate a parking garage on the site.

Laz-Karp and Gilbert negotiated the purchase price of $4,500,000 in January of 1989. After the purchase price had been negotiated and agreed upon, Gilbert informed Laz-Karp that…