Kelly v. Silverwood Estates

SCHROEDER, Justice.

I

BACKGROUND AND PRIOR PROCEEDINGS

On January 2, 1985, Silverwood Estates (Silverwood), a Utah partnership, entered into a contract with David LaMar Kelly and Annette W. Kelly (the Kellys) to acquire a one-half interest in K5 Ranch which consisted of deeded real estate located in Idaho and Utah, plus irrigation and farm equipment, livestock and grazing rights. The Kellys were the record owners of the realty and also held the K5 brand. Although this property was never formally transferred to the K5 partnership, the Kellys do not dispute that the brand and the realty were…