Garrett J. Prestenbach, Jr. v. J. Gerald Collins

ON WRIT OF CERTIORARI.

DICKINSON, Presiding Justice,

for the Court:

¶ 1. We granted certiorari in this case to correct a fundamental misunderstanding of the law on option contracts and specific performance. The option holder timely exercised his option to purchase and is entitled to specific performance, so we reverse and remand.

FACTS AND PROCEDURAL HISTORY

¶2. On September 15, 2011, Gerald Collins granted Garrett Prestenbach a one-year option to purchase about 150 acres of Collins’s farm and pasture land for $500,000. Prestenbach agreed to make a $25,000 down payment on the property and finance…