Fouts v. Chicago Lumber Co.

Respondents were the owners of a section of land on which was considerable standing timber. They also owned a small sawmill located on the land and some logging equipment. By one contract they agreed to sell the sawmill and logging equipment to Page & Bolster Shingle Company, and by another con tract they agreed to sell to it the standing timber, the purchase price of the latter being $17,500. We are not directly interested in the first contract.- The shingle company agreed to cut this timber and saw it into lumber at the mill which was on the land. The clause of this contract which is…