Shaffer v. Bellows

OPINION

CARPENETI, Chief Justice.

I. INTRODUCHION

Two men bought an island. After a dispute, they agreed that one would keep the island, while the other would receive a onetime payment and an option to buy the island at a fixed price, adjusted for inflation, if the owner ever chose to sell it. Years passed. The value of the island rose, far outpacing inflation. But the owner never elected to sell. Instead, he eventually conveyed the island to his sister, ostensibly as a gift. The option holder sued. The superior court held on summary judgment that the option remained viable, but that the gift…