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NEW YORK CENT. DEVELOPMENT CORP. v. BYCZYNSKI

Gen. No. 67-95.

95 Ill. App.2d 474 (1968)

238 N.E.2d 414

The New York Central Development Corporation, a Delaware Corporation, and Jones & Laughlin Steel Corporation, a Pennsylvania Corporation, Plaintiffs-Appellants, v. Edward J. Byczynski and Helena S. Byczynski, Defendants-Appellees.

Appellate Court of Illinois — Third District.

Rehearing and petition for certification of importance denied July 16, 1968.

Attorney(s) appearing for the Case

Peterson, Johnson & Martin, of Princeton, James W. Kissel, of Chicago, and Heyl, Royster, Voelker & Allen, of Peoria, for appellants.

John J. Wosik, of Henry, Berry & O'Conor, of Streator, and Cassidy & Cassidy, of Peoria, for appellees.

SCHEINEMAN, J.

The plaintiffs obtained an option to buy 370 acres of land from defendants at a fixed price of $330,000. The contract contained this provision:

"The conveyance of the above premises is conditioned upon conveyance of suitable exchange property to seller. Seller will sell only if such exchange property cannot be acquired by purchaser."

When the buyers exercised their option as provided in the contract, the sellers declined to close the...

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