210 S.E.2d 702 (1974)
The optionor and the optionee entered into a contract for optionee to have an option to buy the optionor's real estate within one year. The option agreement, signed by both parties, stated that the option was given in consideration of the sum of one dollar, receipt whereof was acknowledged. Nevertheless, it was undisputed that the one dollar consideration cited in the agreement was not paid at the time of execution. Thereafter, the optionor sent a letter to optionee, stating that because the consideration had not been paid, it was withdrawing the option. Within one year of the original contract, the optionee attempted to purchase the real estate and informed the optionor, who refused to hand over legal title. The optionor then filed suit, claiming that the optionee's claim placed a cloud over his title. The trial court found in the optionor's favor, and optionee appealed the ruling.
The court reversed, holding that the option to buy the real estate was enforceable, even though the optionee failed to deliver the one dollar recited in the contract, because the recital to pay a nominal consideration gave rise to an implied promise to pay which could be enforced by the other party.
The court reversed the judgment of the lower court, holding that the recital to pay a nominal consideration for an option to buy real estate was binding, even though the consideration had not been paid, because the recital to pay a nominal consideration gave rise to an implied promise to pay which could be enforced by the other party.
Recommended Supplements and Study Aids for Contract Law
Shop for Law School Course Materials.