Ragosta v. Wilder

156 Vt. 390, 592 A.2d 367 (1991)

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Ragosta v. Wilder

Vermont Supreme Court
156 Vt. 390, 592 A.2d 367 (1991)

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Facts

Louis and Sylvia Ragosta (plaintiffs) offered to purchase the Fork Shop from Allen Wilder (defendant). The Ragostas sent a check for $2,000 and began arranging financing. Wilder returned the check with a letter containing a counteroffer. It stated that the Ragostas could purchase the Fork Shop for $88,000 any time prior to November 1 by appearing with Wilder at Randolph National Bank with the purchase amount, provided that Wilder had not already sold the property. The Ragostas received the letter on October 1 and notified Wilder they were preparing to accept. On October 6, the Ragostas informed Wilder that they could not close on October 8 as previously discussed but that they would come to Vermont on October 10. On October 8, Wilder told the Ragostas that he was no longer willing to sell. The Ragostas responded that they would be at the bank on October 15 with the purchase amount. The Ragostas appeared on October 15, but Wilder did not. The Ragostas, who had incurred approximately $7,500 in closing costs on their loan, sued Wilder. The Ragostas sought specific performance requiring Wilder to complete the sale. The trial court held in the Ragostas’ favor, and Wilder appealed.

Rule of Law

Issue

Holding and Reasoning (Peck, J.)

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