Gulf Oil Corporation, a Pennsylvania Corporation v. Lydia Chiodo

HAYNSWORTH, Senior Circuit Judge:

This is an action in the diversity jurisdiction for the specific performance of a purchase option contained in the lease of an automobile service station. Upon consideration of cross motions for summary judgment, the district court granted the defendant’s motion, holding that the fixed price purchase option was extinguished by the lessee’s failure to exercise another option of first refusal after the lessor informed it of the receipt from a third party of an offer to purchase for an amount much higher than the fixed price option figure.

We conclude the judgment…