McArthur v. Faw

It is .sought by this suit to enforce specific performance of an oral two year option, given by William W. Faw to M. T. McArthur, without consideration, in January 1941, for the purchase of stock in the John Sevier Hotel Corporation of Johnson City, upon the charge that the option was bindingly accepted by the tender and receipt of the .stipulated price. It was insisted for the seller, among other defenses, that the option agreement was subject to certain material conditions which were never complied with. The chancellor deniéd relief on several grounds and dismissed the suit. The court of…