David M. Nichols, Olive J. Nichols and Pennick Corporation v. Cities Service Oil Company

This action for specific performance and declaratory judgment was brought by owners of land who agreed with an oil company to construct a filling station thereon, and to lease the property upon agreed terms. A provision in the contract required the owners to complete construction within ten months; otherwise the oil company should have the option, to be exercised within sixty days, to complete the work and take the lease, or to abandon the project entirely. Difficulty in financing and other causes delayed the owners’ performance; the oil company elected to cancel; and the owners claimed that…