Perspective
Apr. 9, 2010
Consideration Met with Part Performance: Steiner v. Thexton Reversed
Nadav Ravid of Buchalter Nemer examines a recent California Supreme Court ruling that will significantly impact commercial real estate transactions.
On March 18, 2010, the California Supreme Court issued one of its most significant rulings in recent years impacting commercial real estate transactions. The Court reversed the holding in Steiner v. Thexton, which previously held that a contract giving a buyer the right to terminate for any reason in its sole discretion was an unenforceable option agreement that lacked consideration.
In 2003, Martin Steiner entered into...
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