Serpa v. Darling

*300OPINION

By the Court,

Young, J.:

Respondent Michael Darling owned several parcels of land *301known as the Empire Ranch, located adjacent to the Carson River in Carson City. In 1979, Darling subdivided part of the ranch into a planned unit division, or PUD. During the late summer and early fall, the appellant Serpa and Darling entered into negotiations regarding the purchase of Darling’s property.

On September 24, 1985, the parties signed a Letter of Intent wherein they agreed to “bargain in good faith in connection with negotiating a final agreement” for the purchase and/or option to purchase…