Kapetan v. Kelso

On the 18th day of September, 1967, Kimon G. Kapetan and Mary Kapetan, his wife, and W. Ellsworth Kelso and Phyllis G. Kelso, his wife, entered into an “Agreement To Lease.” The subject matter of the agreement was a theatre-restaurant which was to be constructed on land owned by the Kelsos. The instrument recited that it was an “irrevocable contract for the within defined purposes binding the parties without exception, . . .” The project could not be completed because of the inability of the Kelsos to obtain financing and to provide the necessary parking. The Kapetans sued for specific…