St. Cloud State University was considering the purchase of a…
St. Cloud State University was considering the purchase of a piece of property that Ted owned. SCSU needed more time to study the proposed purchase, and so on November 1, 2019 Ted and SCSU entered into an option agreement that gave SCSU the right to purchase the property at any time on or before December 31, 2019 for a purchase price of $200,000. The option agreement provided that SCSU must pay $5,000 for this option, and SCSU paid this amount to Ted. Two weeks later, in November, Ted died. On December 20, the administrator of the estate of Ted notified SCSU that Ted had died and that the offer to sell is revoked. Two days later, SCSU notified the administrator that it was exercising its option to buy the property. The administrator refuses to sell.