Accept the original settlement offer

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ABC Motor Company (ABC), an automobile dealership that sold new cars, leased premises from certain landlords. One day, fire destroyed part of the leased premises, and ABC restored the leasehold premises. The landlords received payment of insurance proceeds for the fire. ABC sued the landlords to recover the insurance proceeds. Ten days before the trial was to begin, the defendants jointly served on ABC a document titled "Offer to Compromise Before Trial," which was a settlement offer of $190,000. ABC agreed to the amount of the settlement but made it contingent on the execution of a new lease. The next day, the defendants notified ABC that they were revoking the settlement offer. ABC thereafter tried to accept the original settlement offer. Has there been a settlement of the lawsuit? Why or why not?

Reference no: EM132386541

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