Option To Repurchase Property Ruled Void

Under an agreement in which the buyer bought 7.7 acres of land, the seller reserved the right to repurchase 3.8 acres of that land for $350,000. The purchase option said that the dimensions and future lot lines were to be mutually agreed upon at a later date. When the seller sought to enforce the repurchase agreement in court, the court refused to do so.

WHY THIS IS IMPORTANT…The court said that because the contract left its terms for future negotiation, it was too indefinite to be enforced. Lack of specificity killed the contract.