Over time, his business expanded to include capping, salvaging and reselling drilling pipe reclaimed from unproducti Over time, his business expanded to include capping, salvaging and reselling drilling pipe reclaimed from unproductive wells, as well as purchasing and operating existing wells. The trial court found that Omega did not breach the agreement as modified. Receive free daily summaries of new opinions from the Supreme Court of Texas. Thus, Gulf States has waived its right to our review of this issue. 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.
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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.
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The trial court disagreed with this interpretation but nonetheless acknowledged that Gulf States had gston 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. We first address the issue of rescission as an unpled issue. Please enter valid email address.
Kearby ‘s Connections At this point a dispute arose between Gulf States and Omega regarding their remaining obligations to each other.
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At trial, Gulf States argued that the June contract modification was intended to provide that upon the closing of the Stanford Agreement, Gulf States was entitled to assume the Cody Lease without further payment to Omega.
The parties again modified the agreement and delayed the date of the original payment to November 20, although the entire purchase stillwas to be made by December 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. Claims of fraud, if substantiated, will serve to vitiate a contract; rescission is a proper remedy that can be applied to a finding of fraud.
Over time, his business expanded to include capping, salvaging and reselling drilling pipe reclaimed from unproducti A trial was held, and at the close of evidence Gulf States for the first time asked for rescission of the contract.
However, Gulf States did assert claims for damages based on fraud and violations of the Deceptive Trade Practices Act. The trial court overruled Omega s objection.
Beaumontwrit denied. Again, any revenue from the wells would be split between the parties until the balance of the contract was fulfilled. See Swink, S. See Davis, 85 S. Gulf States agreed to handle the workover on the wells solely at its own expense and using its best efforts to establish production.
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Accordingly, we cannot consider Gulf States issue on appeal. 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.
The June modification has no provision that would award Gulf States the Cody Lease without further payment of the purchase price upon the successful closing of the Stanford Agreement. Gulf States did not specifically request that it be granted kexrby as an equitable remedy to Omega s alleged breach of contract. However, Texas courts have traditionally construed pleadings liberally, and in the case of rescission specifically, at least one court has held that factual allegations in the petition, coupled with a prayer for general relief, are sufficient to support a decree granting rescission.
Generally a court will not enforce contractual rights in equity, because a party can rarely establish an irreparable injury and an inadequate legal remedy when damages for breach of contract are available.
A plaintiff requesting rescission has the burden to prove that she is deserving of equitable relief and that there is no adequate remedy at law. Over time, his business expanded to include capping, salvaging and reselling drilling pipe reclaimed from unproductive wells, as gwston as purchasing and operating existing wells. Gulf States request for equitable remedies at trial, coupled with its insistence upon the propriety of those damages on appeal, prevents us from evaluating its claim for damages based on breach of contract.
Kearby began his career in the oil and gas industry inbuying and selling drilling pipe to oil well operators in south Texas.
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Amarillono pet. By its second issue, Omega argues that the trial court erred and abused its discretion in granting rescission damages to Gulf States. Omega appealed the decision to this court, arguing that the trial court erred in entering judgment in favor of Gulf States. The trial court must also take into account equitable principles; for example, in the context of property, before a buyer may kearny a contract, she must give timely notice to the seller that the contract is being rescinded and must either return or offer to return the property gastton and the value of any benefit derived from iearby possession.
The court characterized this as rescission damages because it would be inequitable for Gulf States to have paid this money having not been able to fulfill the terms of the contract to purchase the Cody Lease. The trial court found that Omega did not breach the agreement as modified.
The judgment of the trial court is affirmed.