In a recent decision by the Court of Appeals of North Carolina, plaintiffs Cornelius McCall and Sincera McCall lost their appeal against defendant Yuying Zhang. The case revolved around an option contract for the purchase of a property that the McCalls had leased from Zhang. Despite notifying Zhang of their intent to exercise the purchase option, the McCalls failed to secure financing and were unable to close on the property by the deadline stipulated in their agreement. The trial court granted summary judgment in favor of Zhang, which was upheld on appeal. The appellate court found that the McCalls did not demonstrate readiness or ability to complete the purchase within a reasonable time frame after the expiration date, nor did they show any breach by Zhang that would have prevented them from closing.
Source: COA25222_McCall_v_Zhang_Opinion_North_Carolina_Court_of_Appeals.pdf
