Richtex Corp. v. Pilkington

Ness, Justice:

This is an action for specific performance of an option to purchase. The trial court, without a jury, concluded the interest should be computed on the balance remaining unpaid in each year of the agreement, and held respondent was due $26,603.19 under the contract. We disagree and reverse.

Respondent’s predecessor in interest leased certain property to appellant’s predecessor in interest with an option to *636purchase for $70,000.00. The provisions concerning the amount due respondent upon appellant’s exercise of the option stated:

“(1) The Six Thousand ($6,000.00) Dollars this date…