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N.Y. Ave. LLC v. Harrison, 2016 UT App 240 (Dec. 8, 2016)

Dec 8, 2016

New York Ave. LLC entered into a contract to purchase land from the Harrisons.  New York Ave. exercised an option to extend the closing date of the contract by making monthly payments, and argued that the contract allowed these extension payments to continue indefinitely.  The court held that to allow New York Ave. to postpone the closing date indefinitely would defeat the purpose of the contract, and that, in the absence of a specified date, “the law implies that it shall be done within a reasonable time.”