Option Holder's Failure to Exercise Extinguishes Right to Damages

The dispute centered on a promise to sell real property, where the prospective buyer failed to exercise the option to purchase within the stipulated period, and the subsequent sale of the property to a third party by the owner prompted the initial option holder to seek damages for breach of contract. The court rejected the claim, reasoning that the commitment to sell, despite being unilateral, only created an obligation on the promisor, and the non-exercise of the option by the beneficiary within the agreed timeframe extinguished the promise, meaning the owner was legally free to dispose of the property to another without incurring liability for breach of the prior agreement.