Bucciero v. Drinkwater

In March, 1979, the parties executed an agreement which gave the plaintiff, Bucciero, an option to purchase seventy-three acres of land in Wilmington and North Reading owned by the Drinkwater Realty Trust. Bucciero exercised the option in April, 1979, and delivered to the Drinkwaters a $75,000 deposit called for by the agreement. The parties extended the closing day to August 14, 1979; there was no clause which expressly made time of the essence.

The parties and their attorneys met on August 13 to work out details of the closing. The Drinkwaters’ attorney, new to the transaction, was critical…