Property — options to purchase – consideration — statute of limitations — laches

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Wisconsin Court of Appeals

Civil

Property — options to purchase – consideration — statute of limitations — laches

R. Jay Richardson, Kristi Richardson and Son-Bow Farms, Inc., (collectively, the Richardsons) appeal a summary judgment granted in favor of Gail and Marion Collett. The Richardsons argue the circuit court erred by concluding that an option to purchase granted to them by the Colletts was invalid for lack of consideration. They also argue the Colletts’ lawsuit to declare the option invalid is barred by the six-year statute of limitations for contract actions and by the equitable doctrine of laches.

We agree with the Richardsons that sufficient consideration supported the option to purchase. We therefore reverse in part. However, we remand for the circuit court to consider the Colletts’ alternative arguments regarding the option’s enforceability. In addition, we affirm the circuit court’s conclusion that the Colletts’ suit is not time barred. This opinion will not be published.

2013AP40 Collett v. Richardson, et al.

Dist III, Pierce County, Damon, J., Per Curiam

Attorneys: For Appellant: Bakke, Gary L., New Richmond; O’Brien, Timothy J., New Richmond; For Respondent: Loberg, Robert L., Ellsworth; Miller, Steven L., River Falls