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Smith v. Wheeler | 210 S.E.2d 702 (1974)
An option contract is often used to preserve one party’s opportunity to make a future purchase. Like all contracts, consideration must support an option contract. Even a dollar in consideration will do. When an optionee is more than a day late and exactly a dollar short with his consideration, the court addresses consideration questions in Smith versus Wheeler.
On March seventeenth, nineteen seventy three, Ira Wheeler and Charles Smith executed an option contract. The contract gave Smith the option of buying a particular property from Wheeler. The option expired after one year. The contract stated that Smith paid Wheeler one dollar in consideration of the agreement. However, when Wheeler and Smith signed the contract, Smith didn’t pay Wheeler the dollar.
About two months later, Wheeler’s attorney mailed Smith a letter stating that, because Smith hadn’t paid the dollar, the option contract wasn’t enforceable. Wheeler planned to sell the property to someone else.
Just shy of a year after executing the option contract, Smith mailed Wheeler a letter that included the dollar and stated he planned to exercise his option to buy the property, with a closing set for March eleventh, nineteen seventy-four. Wheeler didn’t accept delivery of the letter.
Wheeler filed a lawsuit asking the trial court to nullify and strike the option contract from the records, so Wheeler’s property would have a clear title. Smith answered and moved to strike a portion of Wheeler’s filings. Wheeler moved for judgment on the pleadings, effectively asking the trial court to declare him the winner early in the case. The trial court denied Smith’s motion to strike and granted Wheeler’s motion for judgment on the pleadings. In the trial court’s decision, it reasoned that, because Smith failed to pay the dollar before Wheeler stated he withdrew the option, there wasn’t a valid option contract between the parties. Smith appealed to the Georgia Supreme Court.
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