1464-Eight, Ltd. & Millis Management Corp. v. Joppich

Texas Supreme Court

154 S.W.3d 101 (Tex. 2004)

The failure to deliver nominal consideration recited in an option contract is insufficient to prohibit enforcement of the option contract.

Relevant Facts

Joppich (the plaintiff) entered into a real estate contract with 1464-Eight, Ltd. and Millis Management Corp. (the defendants) to purchase an undeveloped lot zoned residential for $65,000.00. At closing, the parties executed an option agreement which provided that the defendant could purchase the lot back from the plaintiff if she failed to begin constructing a residence on the lot within 18 months. The option agreement recited a $10 option fee paid by the defendants and received by the plaintiff. Subsequently, the plaintiff failed to construct a residence in time and the defendants sought to buy the lot back. The plaintiff sued, seeking a declaratory judgment that the option agreement was invalid for lack of consideration because the $10 option fee was never actually delivered to her. The defendants moved for summary judgment. The trial court denied the defendant’s motion for summary judgment. The appeals court reversed.

Issue

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Holding & Reasoning

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Concurrence

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Dissent

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Last updated:

November 30, 2020

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Procedural History

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Citations

154 S.W.3d 101 (Tex. 2004)