Walker Honda, an automobile dealership that sold new cars, leased several properties from Commercial One, a leasing company. One day, a fire destroyed part of one of the leased buildings and Walker restored the premises. Commercial One received payment of insurance proceeds for the fire. Walker sued Commercial One to recover the insurance proceeds. Then days before the trial started, Commercial One served Walker a document titled “Offer to Compromise Before Trial,” which was a settlement offer of $120,000. Walker agreed to the amount of the settlement but made it contingent on the execution of a new lease. The next day, Commercial One notified Walker that they were revoking the settlement offer. Walker thereafter tried to accept the original settlement offer.
- Has there been a settlement of the lawsuit? Explain