Yale Development Co. v. Texaco, Inc.

In the spring of 1971, Yale Development Company, Inc., plaintiffappellee, hereinafter referred to as “Yale,” entered into negotiations with Texaco, Inc., defendant-appellant, hereinafter referred to as “Texaco,” for the sale of certain real estate owned by Yale. Texaco was interested in obtaining the property as a site for a new gas station. The property in question is located in the vicinity of Glen Ellyn on Roosevelt Road near Valley Road in an unincorporated portion of Du Page County.

On June 14, 1971, Yale, by its president, Mr. Arthur Sheridan, completed a purchase option form. The form…