Murray Hill Estates, Inc v. Bastin

Opinion by

Mr. Justice. Pomeroy,

The defendants-appellants were, optionees of a contract to purchase approximately 140 acres of land for $95,000. They assigned the option to plaintiff-appellee who exercised it and acquired title to the property. Consideration for the assignment was $500 plus a conveyance to appellants of 46 acres of the tract purchased.

Appellee’s purpose in acquiring the option and in purchasing the land was to develop the acreage by subdividing it into lots for the ultimate erection of dwelling houses. For this purpose, as the court below found, “a source of water supply was…