Kanavos v. Hancock Bank and Trust Co.
Supreme Judicial Court of Massachusetts
395 Mass. 190, 479 N.E.2d 168 (1985)
Hancock Bank and Trust Co. (Hancock) (defendant) gave Kanavos (plaintiff) the right to acquire all the stock in an apartment building before the bank sold the stock to anyone else on the same terms. Hancock gave Kanavos a letter in which the bank agreed to pay him $40,000 for surrendering the option to purchase the stock and gave Kanavos a sixty-day window in which to match the price offered by a third party. Hancock sold the stock to a third party without giving Kanavos notice and the opportunity to purchase the stock. On appeal of a judgment for Kanavos, Hancock argued that the judge should have instructed the jury to consider whether Kanavos was ready, willing, and able to finance the purchase by the end of the sixty-day window.
Rule of Law
Holding and Reasoning (Wilkins, J.)
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