Clarence Keith (plaintiff) entered into a 10-year lease agreement with Edgar Walker (defendant). The lease contained a provision for renewing the lease at the end of the 10-year period. The renewal provision failed to specify the rent for the renewal period or a method for calculating the rent, instead stating the new rent would be based upon “comparative business conditions.” Keith notified Walker of Keith’s intent to renew the lease, but the parties did not agree upon the rent. Keith sued, seeking a declaratory judgment that he'd exercised the renewal option and asking the court to determine the amount of rent. The chancellor determined the rent to be $125. Walker appealed.