Walker v. Keith
Kentucky Court of Appeals
382 S.W.2d 198 (1964)
Walker (plaintiff) entered into a ten-year lease agreement with Keith (defendant). The lease contained a provision for renewing the lease at the end of the ten-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.” Walker notified Keith of Walker’s intent to renew the lease, but the parties did not agree upon the rent. Walker sued. At trial, the chancellor determined the rent to be $125. Keith appealed.
Rule of Law
Holding and Reasoning (Clay, C.)