Caplan v. Schroeder

On July 12, 1955, plaintiffs agreed to buy and defendants agreed to sell approximately 147 acres of land in Orange County for $2,200 an acre or approximately $323,000. Pursuant to the contract plaintiffs delivered to defendants outside of escrow their promissory note for $15,000, payable with interest in two equal installments due in three months and six months from the date of the agreement. The parties agreed that an escrow should be opened within ten days and closed within six months and that plaintiffs would pay an additional $85,000 in cash, assume existing notes secured by deeds of…