Reynolds v. Sullivan

Plaintiff-appellant and defendant-appellees entered negotiations concerning the sale of 156 acres in Colchester, Vermont. In January, 1976, the parties executed a document entitled, “Preliminary Option Agreement.” In the document, the parties were referred to as “optionor” and “optionee,” although the agreement reversed the parties’ respective positions. It provided that the parties “agree to enter an agreement for an option” and that “more specific terms will be stated in the option to purchase.” Although it provided for the total price to be paid in “equal payments over four years,” no…