Shaffer v. Bellows
Annotate this CaseTwo men bought an island. After a dispute, they agreed that one would keep the island, while the other would receive a one-time payment and an option to buy the island at a fixed price, adjusted for inflation, if the owner ever chose to sell it. Years passed, the value of the island rose, far outpacing inflation. But the owner never elected to sell. Instead, he eventually conveyed the island to his sister, as a gift. The option holder sued. The superior court held on summary judgment that the option remained viable, but that the gift was not improper. The option holder appealed. Upon review, the Supreme Court affirmed the superior court's interpretation of the option agreement, but because material facts were in dispute concerning contractual claims and allegations that the option holder's conveyance was fraudulent, the Court reversed and remanded the superior court's grant of summary judgment on those claims.
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