Randolph Hills, Inc. v. Shoreham Developers, Inc.

The appellant, Randolph Hills, Inc. (RHI) is no stranger to this Court. 1 By August of 1961, RHI had acquired a tract of some 65 acres in Montgomery County and in June of 1962, realizing that about half of the tract was likely to be condemned for a school site, contracted to sell a 32.61 acre parcel to Shoreham Developers, Inc. (Shoreham) for $351,000.00. On the same day, Shoreham entered into a contract with Perlmutter Bros., Inc. (Perl-mutter), 2 under which Shoreham agreed to pay Perl-mutter $162,000.00 to develop the 32.61 acre tract as 108 lots, subject to the proviso that the…