Walker v. Keith Kentucky Court of Appeals 1964 Facts: In July 1951, the lessors, leased a small lot to appellee, the lessee, for a ten year term at a rent of $100/month. There was a renewal option in the lease to extend contract for another ten years under the same terms and conditions except the rental price. The option stated that the rent would be fixed at a time agreed upon by the two parties at a later date based upon rental values of the time and comparative business conditions of the two periods. The lessee gave proper notice to renew but could not agree on a rental price. An advisory jury fixed the new rent at $125/month. Arguments: The plaintiff argues that the rent was not set to the standards of what the two parties agreed to originally through the contract. Keith argued that since there was an option the court was correct to settle a rent for the two parties. Procedural History: The two parties met in preliminary court proceedings that were not solved. At the trial court, the court ruled in favor of the defendant, the lessee, arguing that the option of his contract was holdable. The plaintiff appeals that decision. Issue: Was the contract option to renew the lease enforceable without the terms of the agreement being settled? Judgment: The decision was reversed. Holding: If essential elements of a contract are missing then the contract is void and unenforceable. In the case of Walker v. Keith the dispute over rent was an important and essential element. The lack of methodology to use to calculate rent also left ambiguity in how the rent would be determined. Also an agreement to agree in the future in not an enforceable decision.