Target Properties, Inc. v. Gilbert

Benham, Judge.

Appellant Target Properties, Inc. (Target) entered into a contract to purchase property from appellee Warren Gilbert. Target paid $10,000 earnest money to the broker, Metro Brokers, Inc. (Metro). In a special stipulation to the contract, Gilbert granted Target “the right to terminate the contract for any reason whatsoever on or before 5:00 p.m. [on a certain day] by delivering written notice for such termination to [Gilbert].” Upon the timely exercise of the right of termination, $9,900 of Target’s earnest money would be returned; if Target did not terminate and failed to…