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Ragosta v. Wilder

Vermont Supreme Court

592 A.2d 367 (1991)

Facts

Louis and Syvia 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 the Ragostas could purchase The Fork Shop for $88,000 at any time prior to November 1 provided that the Ragostas appeared with Wilder at the bank, so long as he did not sell to another party first. The Ragostas received the letter on October 1 and notified Wilder they would prepare to accept the offer, and Wilder informed the Ragostas that there were no other interested buyers. On October 6 the Ragostas 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 the Ragostas had obtained financing for the purchase at a cost of $7500, Wilder called the Ragostas on October 8 and informed him that he was no longer willing to sell. The Ragostas responded that they would be at the bank on October 15, prepared to close. The Ragostas appeared but Wilder did not. The Ragostas sued for specific performance and the trial court ruled for them. Wilder appealed.

Rule of Law

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Issue

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Holding and Reasoning (Peck, J.)

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A "yes" or "no" answer to the question framed in the issue section;
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The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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