Golding v. Floyd

SENIOR JUSTICE STEPHENSON

delivered the opinion of the Court.

This appeal presents the question whether there exists between the parties to an underlying action at law a binding contract to settle the action.

I

The underlying law action involved the sale of an appraisal business. Robert K. Floyd, Jr., and Richard J. Varney were to purchase the business through Floyd & Varney, L.L.C. (collectively, Floyd and Varney) from Billie A. Golding. When the sale failed to transpire, Floyd and Varney opened their own appraisal business, and Golding filed suit.

The parties agreed to mediate their dispute,…