Venture Stores, Inc. v. Pacific Beach Co.

Venture Stores, Inc. (“Venture”) exercised an option to purchase contained in a long-term commercial lease. Pacific Beach Company, Inc. (“Pacific Beach”), the other party to the lease, refused to perform under the option, and Venture brought an action in the circuit court for specific performance. The trial court found in favor of Venture. Pacific Beach appeals, claiming that the trial court erred in granting specific performance to Venture because it: (1) misinterpreted the lease; (2) erroneously declared Missouri law in ruling that a reasonable time to exercise the option was any time…