Louis Stoico, Inc. v. Colonial Development Corp.

The plaintiff, Louis Stoico, Inc. (Stoico), sued the defendant, Colonial Development Corp. (Colonial), on an option contract for the sale of a parcel of land in Lexington, Massachusetts (lot 61). The option contract was executed by Colonial on August 15, 1963, subsequently modified on two occasions, and allegedly breached by Colonial’s conveyance of lot 61 to a third party on May 26, 1972. Colonial answered, in effect, that the option had expired long before it sold lot 61 to the third party.

A judge of a District Court heard the case and entered a judgment for Stoico in the amount of $8,900.…