Opinion ID: 1271302
Heading Depth: 1
Heading Rank: 2

Heading: events prior to closing

Text: On September 22 or 23, 1976, Kaiser left Colorado for an extended business trip. On October 7, while still out of state, Kaiser telephoned Abraham and expressed reluctance to complete the purchase. Although there was conflicting evidence as to the exact conversation, the trial court found that Abraham took Kaiser's statements to mean that he was not going to proceed with the purchase. Abraham then notified Wright's attorney to this effect. After receiving Abraham's call, Wright's attorney drafted a letter claiming that Kaiser had anticipatorily repudiated the contract. He addressed and sent this letter to a representative of Vail Associates, Inc., the listing broker, with a copy to Wright. [2] No copy of this letter or notice of its substance was ever communicated to Kaiser. Wright's attorney testified that the letter was not sent to Kaiser because he knew Kaiser was not in Vail and so would not receive the letter. During the early part of October, Kaiser also called an attorney in Denver who had previously performed legal services for him. Kaiser sought the attorney's advice about being relieved of his purchase obligation under the contract. Kaiser's attorney asked for and later received copies of the contract and title commitment. After reviewing these documents, Kaiser's attorney advised Kaiser that the contract was binding and that he was obligated to complete the purchase or forfeit the $20,000 deposit. Thereafter, Kaiser asked his attorney to make arrangements to obtain funds to be distributed to Kaiser from a trust in New York so that he could have the necessary money available at the closing. Also during late September or early October, Wright's attorney entered into negotiations to procure releases of the liens which had been expressly noted in the contract. [3] Unwritten agreements were reached [4] and the lienholders began preparing the necessary documents. After Wright's attorney received Abraham's call on October 7, however, he notified the lienholders to stop work on the releases. Nevertheless, in late October and early November Wright's attorney prepared the other documents necessary for closing. On November 2, Wright's attorney sent a letter to Abraham offering to grant Kaiser extra time to effect the closing, but stating he had been unable to learn whether Kaiser intended to complete the transaction. That letter also stated that agreement had been reached to obtain the necessary releases in order that the property may be transferred free and clear. On November 4 or 5 Kaiser returned to Vail. He again spoke with his attorney about getting the trust fund assets liquidated and to Vail in time for the closing and about the possibility of obtaining alternative financing. On November 5 or 6 Kaiser received a phone call from Wright's attorney who asked Kaiser whether he wanted an extension of time to close. Kaiser said he did not and informed Wright's attorney that he was represented by counsel and that any further questions should be directed to counsel. Wright's attorney and Kaiser's attorney talked by telephone sometime on November 5, the Friday before the scheduled Monday closing. Kaiser's attorney told Wright's attorney that to the best of his knowledge Kaiser intended to proceed with the closing on Monday. On November 5 Wright's attorney also heard from Abraham, who related that he had talked to Kaiser and had been informed that Kaiser intended to close on Monday. Wright's attorney than got in touch with representatives of the lienholders to see if the releases could be obtained. He found that he could obtain the releases in time only by flying to Milwaukee and Illinois to pick them up. Wright's attorney decided not to do this. In the course of talks with the representatives of the lienholders the possibility of telegraphic confirmation of the releases was discussed, but no telegrams were requested nor were any sent.