Combustion Engineering, Inc. v. Norris

Nichols, Justice.

Appellee Norris entered into an option to purchase agreement with the Mullite Company of America, a wholly owned subsidiary of appellant Combustion Engineering, Inc., giving appellant the right to purchase her approximately 200 acres of farm land in fee simple. This land comprised appellee’s entire farm. The option provided that it was valid for two years, and that the total purchase price was $150,000.00 to be paid as follows: $15,000.00 upon the execution of the option agreement and $135,000.00 at the closing upon delivery of the general warranty deed. The option reserved…