Mayfair Farms Holding Corp. v. Kruvant Enterprises Co.

The opinion of the court was delivered

Mayfair Farms Holding Corporation (herein “Mayfair”) sued Kruvant Enterprises Co. (herein “Kruvant”) for the balance of the purchase price on the sale of lands. The contract of sale called for a further payment of $79,000 if the lands should be rezoned within a stipulated time. The lands were rezoned within the fixed period. Kruvant contended it had been relieved of its obligation when Mayfair conveyed to Kruvant’s assignee, Empire Holding Company (herein “Empire”), and simultaneously accepted Empire’s covenant for the further payment upon the rezoning…