Edward Friedman and Gus Zackarakis, Plaintiffs-Appellants v. Tappan Development Corporation, a New York…

Summary

The Supreme Court of New Jersey affirmed the Appellate Division, holding that the written agreement was a gratuitous option, not a binding contract, and therefore specific performance was unavailable. The Court also rejected the application of promissory estoppel, finding no enforceable reliance, and emphasized that an option lacking consideration is revocable until acceptance.