Alaska Supreme Court February 6, 1987, S-1435, S-1478 (City of Kenai v. Ferguson)

OPINION

RABINOWITZ, Chief Justice.

This case arose out of a dispute over a provision in a fifty-five year lease entered into by the City of Kenai and Edward A. Ferguson. The provision was an agreement to agree to future rental terms at five-year intervals. The core of the dispute here is whether such a provision is valid and, if so, what standard should be used to determine the rental.