Barnacle Broadcasting, Inc. v. Baker Broadcasting, Inc.

HUFF, Judge:

In this declaratory judgment action, Baker Broadcasting, Inc. appeals the trial court’s determination that Baker’s Asset Purchase Agreement with Barnacle Broadcasting, Inc. was an option contract and the option had terminated entitling Barnacle to the return of the assets. We reverse and remand.

FACTUAL/PROCEDURAL BACKGROUND

On April 27, 1995, Baker entered into an Asset Purchase Agreement (referred to by the parties as the APA) with Barnacle to purchase the assets of a radio station owned by Barnacle. On the same day, the parties entered into a Local Programming and Marketing…