W. W. Oliver, Sr., Individually and as Administrator of the Estate of Alice M. Oliver v. United States

CRAVEN, Circuit Judge:

In 1945 farmer W. W. Oliver bought a piece of country property, the 41-acre “Bailey Tract,” for the purpose of developing it into residential homesites. During January of 1960 he agreed to sell “all sand, gravel and other suitable and marketable materials” in a pit on the tract of approximately seven acres to Tidewater Sand Company. The instrument provided that Tidewater was to have two years and four months to remove all of the sand from the pit in consideration for which it was to pay to Oliver eight cents per short ton of materials removed by it for sale. It was…