Thompson v. Smith

HALL, Justice:

The defendants appeal the judgment of the district court which reforms a real estate contract.

In December, 1976, the plaintiffs, as sellers, entered into a contract with defendants, as buyers, for the sale of a cafe, store and motel located in Virgin, Utah. The purchase price of $51,000 was to be paid by a $22,000 down payment and monthly payments of $200 thereafter, to accrue at the rate of 8 percent per annum on the contract balance. However, defendants apparently were unable to make the down payment and hence sought and obtained the agreement of plaintiffs to reduce the down…