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DERWELL COMPANY v. APIC, INC.

278 A.2d 338 (1971)

DERWELL COMPANY, a Delaware corporation, Plaintiff, v. APIC, INC., and Atlas Chemical Industries, Inc., Delaware corporations, Defendants.

Court of Chancery of Delaware, New Castle.

May 20, 1971.

Attorney(s) appearing for the Case

James M. Tunnell, Jr., and Paul P. Welsh, of Morris, Nichols, Arsht & Tunnell, Wilmington, for plaintiff.

Edmund N. Carpenter, II, and Richard J. Abrams, of Richards, Layton & Finger, Wilmington, for defendants.

SHORT, Vice Chancellor:

Derwell Company (Derwell) brings this action for specific performance of a written contract for the sale and purchase of 45 acres of undeveloped land near the City of Newark. Defendants are Atlas Chemical Industries, Inc. (Atlas), assignee, and Atlas wholly-owned subsidiary, Apic, Inc. (Apic), the purchaser named in the contract. This is the decision after final hearing.

In the summer of 1968 Atlas, having determined to expand its Stuart...

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