Practice point: General principles governing option agreements require strict compliance with the terms setting forth the time and manner of the option's exercise.
Students should note that waiver of an established contractual right requires no more than the voluntary and intentional abandonment of a known right which, but for the waiver, would have been enforceable.
Case: Matter of Lamberti v. Angiolillo, NY Slip Op 03846 (1st Dept. 2010)
Here is the opinion.
Monday's issue: School Law.
