Brinker

—The respondent court granted real party’s petition to vacate an arbitration award in petitioners’ favor. Petitioners seek a writ of mandate directing the respondent court to vacate its order.

Facts and Procedural History

Petitioners (the Brinkers), New Jersey residents, filed an action in the New Jersey Superior Court, Chancery Division, for specific performance and damages in connection with a real estate purchase contract. The Brinkers allege that they entered into a contract to purchase commercial real property in Lyndhurst, New Jersey for $3 million from real party Page Realty Corporation (Page). The sale was conditioned upon the Brinkers obtaining final approval from the New Jersey Economic Development Authority (EDA) making the transaction eligible for tax exempt bond financing. This in turn was contingent upon the premises being operated as a manufacturing facility. Page agreed to pay the lessee, a trucking company, $65,000 to terminate its lease early.

At the closing on December 26, 1986, Page’s agent assured the Drinkers that the payment and departure of the lessee had all been arranged, and the Drinkers closed the deal based upon that representation.…