Based on the existence of this undisputed contract, Gulf States insists it is entitled to damages. Board Member , Hilltop Holdings Inc. Gulf States agreed to handle the workover on the wells solely at its own expense and using its best efforts to establish production. Thus, Gulf States has waived its right to our review of this issue. Furthermore, when the claims and defenses raised are those which contemplate a particular remedy, a party may be entitled to that particular remedy despite a failure to specifically plead for such relief.
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Green Tree Acceptance, Inc. In its findings of fact and conclusions of law, the court determined that the parties had not agreed in the June modification that upon the signing of the Stanford Agreement, Gulf States was entitled to the Cody Lease without paying the remaining balance of the purchase price.
By November 5, ten days before performance was due, it had become clear that Gulf States would be unable to comply with the original agreement due to financial difficulties. A trial court may not grant relief to a party in the absence of pleadings to support that relief.
The trial court found that Omega did not breach the agreement as modified. The Stanford Agreement The following year, Omega sold a group of mineral leases to a third party, Stanford Petroleum, pursuant to a contract known as the Stanford Agreement. Kearby learby Omega Energy Corp.
The evidence establishes that both parties attempted to enter into binding contractual obligations and suffered from unmet expectations of those obligations, despite partial performance. Therefore, because the claims raised by Gulf States gawton its pleadings could potentially be remedied by a judicial rescission of the contract, see Perez, S. Specifically, Omega alleges 1 rescission was not properly before the trial court and therefore could not be the basis for judgment; and kkearby had rescission been properly before the court, the trial court erred in concluding Gulf States was entitled to rescission iearby workover expenses.
Sign up now to view Gaston L. Board MemberHyperdynamics Corporation. By its second issue, Omega argues that the trial court erred and abused its discretion in granting rescission damages to Gulf States. The trial court disagreed with this interpretation but nonetheless acknowledged that Gulf States had spent substantial amounts of time, effort and money in preparing the two Cody wells for production in anticipation of acquiring the lease and accordingly granted damages in rescission.
Gaston Kearby Mineral Rights
Kearby has served as a director of ZaZa since the Combination. Gulf States argues in response that the damages awarded to it were based on funds expended on the real property, and not on rescission.
Based on Gulf States failure to comply with the rules of appellate procedure in briefing coupled with its failure to properly elect a remedy, we overrule its issue on appeal. Gulf States did not specifically request that it be granted rescission as an equitable remedy to Omega s alleged breach of contract.
Nat l Gas Co. Gulf States agreed to handle the workover on the wells solely at its own expense and using its best efforts to establish production. Kearby’s depth of experience in evaluating, acquiring, enhancing and operating existing production wells is valuable to the board of directors of ZaZa.
Thank you for your interest. A trial was held, and at the close of evidence Gulf States for the first time asked for rescission of the contract. Rescission has also been found to be a proper remedy for claims based on the Deceptive Trade Practices Act.
Tylerno writ. Thus, we conclude the trial court did not abuse its discretion in rescinding the contract as some evidence does reasonably support its decision. Furthermore, a party cannot recover damages by both rescinding the contract to collect equitable damages and affirming the transaction to collect contract damages.
Gaston L. Kearby – Executive Bio, Work History, and Contacts – Equilar BoardEdge
Gulf States maintained that the June modification included a provision that entitled Gulf States to assume the Cody Lease without further payment to Omega once the Stanford Agreement was finalized, due to Gulf States assistance of Omega in procuring the buyer for the properties involved in the Stanford Agreement. Rescission of a contract is an equitable remedy used as a substitute for monetary damages when such damages would not be adequate.
Propriety of Rescission-Based Damages By its second issue, Omega argues that the trial court erred and abused its discretion in granting rescission damages to Gulf States. Gulf States cross-appealed, arguing that the trial court erred in finding that Omega did not breach the contract to convey the Cody Lease to Gulf States. Omega s first issue is accordingly overruled.
Kearby ‘s Connections We overrule both Omega s issues on appeal and Gulf States issue on cross-appeal. Claims of fraud, if substantiated, will serve gsaton vitiate a contract; rescission is a proper remedy that can be applied to a finding of fraud.
With BoardEdge, you can: However, because the trial court specifically and expressly noted that the damages were awarded on the basis of rescission, and because Gulf Mearby itself raised rescission in its closing arguments at the trial, we disregard this argument and instead respond to Omega.