Potts v. Smith

Clark, Judge.

"The books are literally full of such cases.” That frequently used expression refers to the many adjudications dealing with real estate sales contracts drafted by laymen containing contingency clauses as to financing arrangements. In this appeal we are called upon to decide the validity of a so-called "special stipulation” in haec verba: "This contract is contingent an[d] subject to the purchaser being able to refinance the loan in the amount of $200,000 that is presently held by Cameron and Brown Mortgage Company.”

Smith as the proposed buyer sued Potts, the realtor, for return…