Practice point: An option contract is an agreement, for consideration, to hold open an offer, with the right to purchase at a later date. If the agreement sets no time limit for performance, the court will decide on a reasonable time, considering factors such as the agreement's nature and object; the parties' previous dealings and their experience; whether there is good faith; the possibility of prejudice or hardship to either party; and, if specified, the number of days provided for performance.
Student note: On a motion to dismiss for failure to state a cause of action, a court may reach the merits of a properly pleaded claim for a declaratory judgment where there are no questions of fact.
Breslin v. Frankel, NY Slip Op 08456 (2d Dep't December 12, 2018)
Here is the decision.
