Ruffolo v. Jordan

Dispute over real estate transaction after purchase of veterinary practice; purchase agreement contained lease for clinic that housed the practice, with option to buy property 6 years later. When Plaintiff tried to exercise her option to purchase, a present contract was not formed because all terms of purchase agreement had not been established, as price had not been determined. Plaintiff "exercised" her option when option became executory, and lease obligations continued until Plaintiff became the equitable owner, once the price was set. Once Plaintiff's right to purchase was vested, the rights given to her by option were no longer dependent on her lease obligations, so that her ceasing to make rent payments did not terminate her purchase option. Defendant is entitled to rent under lease until Plaintiff became equitable owner of property, and Plaintiff is entitled to purchase property for price determined by neutral third-party appraiser. (PIERCE and HYMAN, concurring.)