This section contains the nature of the case and procedural background.

P was a real estate developer. P negotiated the sale of D's land. Under the contract terms, P was required to deposit $1,000 of the total purchase price of $57,500 with the real estate agent, and was given 120 days to 'examine the title and consummate the purchase.' At the expiration of that period, the balance of the price was 'due and payable upon tender of a good and sufficient deed of the property sold.' The concluding paragraph of the deposit receipt provided: 'Subject to Coldwell Banker & Company obtaining leases satisfactory to the purchaser.' P paid the $1,000 deposit to the real estate agent. While he was in the process of securing the leases and before the 120 days had elapsed, D's attorney notified P that D would not sell her land under the terms contained in the deposit receipt. D was informed that satisfactory leases had been obtained and P offered to pay the balance of the purchase price. D failed to tender the deed. P sued for breach of contract.

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