Rite Aid Corp. v. Lake Shore Investors

471 A.2d 735 (1984)

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Rite Aid Corp. v. Lake Shore Investors

Maryland Court of Appeals
471 A.2d 735 (1984)

Facts

Lake Shore Investors (Lake Shore) (plaintiff) entered into a real estate purchase agreement with BTR Realty, Inc. (BTR), whereby BTR was to purchase property from Lake Shore for a set price. During the sale process, Rite Aid Corporation and Rite Aid of Maryland (collectively Rite Aid) (defendant) claimed that it owned a portion of the property that was included in the purchase agreement between Lake Shore and BTR. Because of Rite Aid’s claim BTR insisted that a clause in the purchase agreement be included that required Lake Shore to secure a written release from Rite Aid. When Rite Aid refused to sign the release, BTR withdrew from the agreement. Lake Shore filed suit against Rite Aid for false and fraudulent claim of lease and wrongful interference with a contract. At trial, the judge ruled that damages had to be measured under the contractual “benefit of the bargain” rule which was defined to be the difference between the fair market value of the property at the time of the interference and the contractual price for the purchase of the property. At the conclusion of Lake Shore’s case at trial, the judge granted Rite Aid’s motion for a directed verdict on both issues. Lake Shore appealed and the court of special appeals reversed and remanded the case for a new trial. The Maryland Court of Appeals granted review.

Rule of Law

Issue

Holding and Reasoning (Orth, Jr., J.)

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