Perry Development Corp. v. Colonial Contracting Co.

Undercofler, Justice.

This is an action by Colonial Contracting Co., Inc., against Perry Development Corp. for specific performance, or in the alternative damages, of a contract for the sale of land. Colonial builds homes. Perry develops land for residential purposes. The principal stockholder of Perry is also the principal stockholder of Blake Perry Realty Company, a real estate sales company.

Colonial agreed to purchase "nine proposed lots to be developed as Unit IV, North Clouds Subdivision to be completed to Gwinnett County’s specifications as per provisional plat by Hannon and Meeks,…