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Ray M. Wright Inc. v. Stinchcomb

Issues of fact remained as to whether plaintiffs breached the parties' real estate purchase agreement by failing to make a timely tender of the purchase price for certain lots and whether defendant breached the agreement in not readying the lots for sale by obtaining the city's approval of the final plat.

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Plaintiffs, Ray M. Wright, Inc., and others collectively referred to as “Wright” are a group of corporate homebuilders. Defendant Dan Stinchcomb is a real estate developer, who agreed to sell Wright 116 lots in a subdivision in Fayette County. Under the agreement, Wright paid Stinchcomb $10,000 in earnest money and purchased 71 of the lots. Wright brought this action against Stinchcomb for specific performance of his agreement to sell Wright the remaining 45 lots. The trial court ruled that Stinchcomb is entitled to summary judgment because Wright did not tender the purchase price for the remaining lots within the time frame required by the agreement. Because there is evidence from which a jury could find that Wright was ready, willing, and able to purchase the lots in a timely manner but that Stinchcomb did not have the lots ready for purchase, we reverse.

In Special Stipulation 1 to the parties’ agreement, Wright agreed to buy the lots in the following two phases: “a Sixty 60 lots will close ten 10 days after final plat is recorded and lots are ready for building permits to be issued. b The remaining fifty-six 56 lots will be closed nine 9 months from the closing date of the first sixty 60 lots.” Under Special Stipulation 2, the first 60 lots were to be sold for $27,500 each, and the remaining 56 lots were to be sold for $28,000 each. The agreement was executed on or about February 20, 1998, and the closing of the 60 lots in the first phase occurred on or about January 21, 2000. At the time of that closing, Wright purchased 11 additional lots for $28,000 each because the final plats for those lots had also been approved and recorded.

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