Fleming v. Peloquin CA4/3
Where a written contract expressly requires that an option be exercised on and not before a specific date, and the option holder purports to exercise the option before the specified date, we hold that the option has not been properly exercised. In this case, we conclude substantial evidence supports the trial court’s findings that the contract’s language was clear in its requirement that the exercise of an option take place on a date certain, and that the option holder failed to exercise the option as specified by the contract. We further hold that an equitable duty to advise the option holder of the imperfection of the purported exercise cannot be imposed when the contract’s language removes any such duties. We therefore affirm the trial court’s judgment that the option was not exercised.
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