Martin A. Steiner, Plaintiff and Appellant v. Paul Thexton, as Trustee

Summary

The court held that the parties' sales agreement was an option because the buyer had an unrestricted right to cancel while the seller was obligated to keep the offer open. Although the buyer's promise to pursue governmental approvals was initially illusory, the buyer's substantial part performance of that bargained-for promise supplied consideration and made the option irrevocable. The judgment was reversed and the matter remanded for consideration of remaining defenses and the appropriate remedy.