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Ragosta v. Wilder

Supreme Court of Vermont
592 A.2d 367 (1991)

Facts

Ragosta (plaintiff) mailed Wilder (defendant) a letter offering to purchase “The Fork Shop” and included a check for $2,000. Wilder returned the check and stated that Ragosta could purchase The Fork Shop for $88,000 at any time prior to November 1 provided that Ragosta appeared with Wilder at the bank, so long as he did not sell to another party first. Ragosta received the letter on October 1 and notified Wilder they would prepare to accept the offer, and Wilder informed Ragosta that there were no other interested buyers. On October 6 Ragosta informed Wilder that they could not close the sale on October 8, as discussed previously, but that they would do so on October 10. Though he was aware that Ragosta had obtained financing for the purchase at a cost of $7500, Wilder called Ragosta on October 8 and informed him that he was no longer willing to sell. Ragosta responded that they would be at the bank on October 15, prepared to close. Ragosta appeared but Wilder did not. Ragosta sued for specific performance and the trial court ruled for Ragosta. Wilder appealed.

Rule of Law

Issue

Holding and Reasoning (Peck, J.)

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