The plaintiffs and the principals of the defendant corporation were friends who entered into an oral agreement regarding a condominium unit to be used as a team house for a snowboarding program.
The plaintiffs alleged they had an option to purchase the unit, while the defendants claimed the plaintiffs failed to make required monthly payments and terminated the agreement.
The court found that an oral agreement existed, the doctrine of part performance applied to overcome the Statute of Frauds, and the defendants wrongfully terminated the agreement.
The court awarded damages to the plaintiffs based on the market value of the property less the amounts owed to the defendants, declining to order specific performance.
