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F. Enterprises Inc. v. Kentucky Fried Chicken Corp.

47 Ohio St. 2d 154 (1976)

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F. Enterprises Inc. v. Kentucky Fried Chicken Corp.

Ohio Supreme Court

47 Ohio St. 2d 154 (1976)

Facts

F. Enterprises Inc. (plaintiff) entered into an option agreement to purchase a parcel of land. F. Enterprises then entered into an agreement with Kentucky Fried Chicken Corp. (KFC) (defendant) to lease half of the parcel for $1,100 per month for 20 years. Under the agreement, F. Enterprises would either build a $40,000 building on the property or require KFC to do so, which F. Enterprises would reimburse up to $40,000. Prior to the exercise of the option, KFC notified F. Enterprises that it would not be entering into the lease agreement. F. Enterprises exercised the option and purchased the property anyway and then sued KFC, alleging breach of contract. The evidence showed that the rental market value of the property was $9,025 per year with the building constructed and $3,825 per year without the building constructed. The trial court awarded F. Enterprises approximately $28,500 in damages. This amount represented the difference between the contracted lease amount and the market value of the property with the building constructed, reduced by the interest income on the $40,000 that had not been expended on constructing the building, over 20 years and then discounted to present value. KFC appealed.

Rule of Law

Issue

Holding and Reasoning (Stephenson, J.)

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