Steward v. Panek

Plaintiffs appeal as of right an order of the circuit court granting defendants summary disposition in this dispute over ownership of a condominium. We affirm in part, reverse in part, and remand for further proceedings.

i

On November 13, 1980, plaintiffs Emanuel and Marie Steward entered into a “reservation and subscription agreement” with defendant Henry Panek Investments, Inc., in which the Stewards agreed to pay $38,000 for a condominium unit on West Outer Drive in Detroit. 1 According to the terms of the reservation and subscription agreement, the Stewards agreed to pay a $10,000 deposit…