Marsh v. Lott

Robt. Marsh & Co. (plaintiff) paid M.A. Lott (defendant) 25 cents for an option to purchase Lott's land for $100,000, exercisable up to June 1, 1905, with a possible 30-day extension. Marsh notified Lott on June 1 that he was extending the option, but Lott revoked it the next day; Marsh nonetheless paid Lott $30,000 under the original agreement on June 29 and sued for specific performance. The trial court found the 25-cent payment was inadequate consideration and ruled for Lott.