General American Life Ins. v. Natchitoches Oil Mill, Inc.

Decision should turn upon the meaning and legal effect of the following provision of the contract: “It is further agreed that in the event the sale of the remainder of *145the Brookwater Plantation to Gilbert K. Alford and his assignees ‘is not consummated on or before noon on November 1, 1943, then and in that event the Natchi-toches Oil Mill shall have the right, at its option, to cancel and avoid this contract and agreement; or the said oil mill may, if it so desire extend this agreement for an additional six months without the payment of any consideration.’ ”

The sale of the remainder of the…