Ryker v. Stidham

Ringold, J. *

On November 25, 1971, plaintiffs sold vacant land to defendants Robert E. and Clarcy Stidham pursuant to a standard form of real estate contract common in this state. The purchase price was $28,285, with a down payment of $3,500, and the balance payable in monthly installments of $200 including interest on the diminishing balance. The contract contained the usual "time is of the essence" clause:

Time is of the essence of this contract, and it is agreed that in case the purchaser shall fail to comply with or perform any condition or agreement . . . the seller may elect to declare…