Andrea Associates v. Stony Point West
Appellant Andrea Associates and respondents Stony Point West, Stony Point Investors II, and Stony Point East (Stony Point) attempted to form a real estate joint venture. Stony Point, as optionor, agreed to share its interest in eight Santa Rosa commercial properties in exchange for interest in certain of optionee Andrea Associates properties and Andrea Associates multi million dollar cash payment. The deal never closed, and Andrea Associates sued Stony Point for breach of contract, promissory estoppel and fraud. The trial court concluded that the failure of the contemplated transaction to close on time discharged the parties obligations under their option agreement. Judgment was entered in favor of Stony Point. Court affirm.
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