DK Arena, Inc. v. EB Acquisitions I, LLC
Annotate this CaseEB Acquisitions I (EB) entered into a written contract to purchase real property from DK Arena. The parties orally agreed to modify their contract for the sale of the property by extending the due diligence deadline. After the original due diligence period expired, EB attempted to terminate the contract of sale and sought a return of its deposit. DK Arena filed suit alleging breach of contract. EB asserted several counterclaims, including breach of contract. The trial court held in favor of EB on all claims, concluding that the oral agreement was valid and enforceable, notwithstanding the Statute of Frauds, under the doctrine of promissory estoppel. The court ruled that EB retained an unqualified right to terminate the contract and obtain the return of its deposit. The Supreme Court quashed the decision of the district court to the extent it was inconsistent with this opinion, holding that the district court applied an improper estoppel exception to the Statute of Frauds in express and direct conflict with the Court's decision in Tanenbaum v. Biscayne Osteopathic Hospital, Inc. Remanded.
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