Atlantic Richfield Company v. Whiting Oil and Gas Corporation, F/k/a Equity Oil Company

Summary

The court held that a commercial option allowing the grantor to cancel at any time did not violate the common-law rule against perpetuities because it imposed no practical restraint on alienation. Because the option was valid as negotiated, the statutory reformation provision was inapplicable, and the court affirmed the judgment below on different grounds. The court therefore did not reach whether the reformation statute applies to commercial options or whether its application would be unconstitutionally retrospective.