Darien, a developer, and Ian, an investor, had been in the r…
Darien, a developer, and Ian, an investor, had been in the real estate business for many years. Because of their long-standing relationship, Darien and Ian often dispensed with certain legal formalities when dealing with each other. Ian owned a parcel of land in which Darien was interested, and he offered to buy it from him for $50,000. Ian accepted Darien’s offer, and the parties agreed on June 15 as the closing date. Darien handed Ian a check for $2,500 with “earnest money” written in the memo, and they shook hands on their deal.A few weeks before closing, Darien called Ian and told him he had changed his mind about purchasing the land because of a sudden economic downturn in the area. Ian appeared at Darien’s office on June 15 with the deed to the land in his hand. Darien refused to tender the balance due, and Ian sued Darien for specific performance.Will Ian prevail?