Stacy entered into a written contract with Victoria, a vintn…
Stacy entered into a written contract with Victoria, a vintner, on April 4, whereby Stacy agreed to convey a vineyard to Victoria for $2 million. The terms of the contract set the closing date as June 1. At the time Stacy entered into the agreement with Victoria, Stacy had no interest in the vineyard. On April 15, Stacy entered into a written agreement with Luis, a landowner, whom Stacy believed to be the owner of the vineyard. According to the terms of the agreement, Luis was to convey the vineyard to Stacy on or before May 25. Another term of the agreement stated “time is of the essence.”On May 24, Luis conveyed his interest in the vineyard to Stacy. When Stacy went to record the deed, she discovered from records in the recorder’s office that Luis held clear title to only seven-eighths of the vineyard. It took some time for Stacy to remove the cloud from the title and procure ownership in full of the vineyard. Stacy finally did so on August 1, and on that day she tendered a warranty deed to the vineyard to Victoria. Victoria refused to tender $2 million or any other sum to Stacy, asserting that Stacy had broken her agreement by failing to close on June 1. Stacy then sued Victoria for specific performance.If Victoria prevails, what is the likely reason?