American Handkerchief Corp. v. Frannat Realty Co.

The opinion of the court was delivered by

Vanderbilt, C. J.

The plaintiff was the tenant of the defendant’s factory building in Jersey City under two long term leases, which by agreement in writing had been extended to January 31, 1952. In June 1949 the parties began to negotiate for an extension of these leases. In October 1949, after several conferences had been held, Mr. Marell, the president of the plaintiff corporation, sent Mr. Frank, the vice-president of the defendant corporation, a draft of what the plaintiff calls “an option agreement.” Mr. Frank circulated this draft among the other…