J. Howard Johnson v. Michael R. Allison

IN THE COURT OF APPEALS OF TENNESSEE AT NASHVILLE February 19, 2004 Session J. HOWARD JOHNSON, ET AL. v. MICHAEL R. ALLISON, ET AL. Appeal from the Chancery Court for Davidson County No. 02-3101-II Carol McCoy, Chancellor No. M2003-00428-COA-R3-CV - Filed October 7, 2004 The parties entered into an option contract for the sale and purchase of a piece of land. The bargained-for option had a limited duration, with the buyer entitled to extend the option for additional consideration if it exercised that right within an agreed-upon time frame. The buyer paid for several extensions, but did not…