Frick v. Hoag

This is an action at law brought to collect the unpaid principal of a promissory note together with interest and attorney fees. Defendant appeals from the denial of his equitable defense of reformation and the resulting judgment for the plaintiffs on the note.

The dispute arose because one of the terms of the promissory note conflicted with a term in a contract previously entered into by the parties.

Plaintiffs were owners of subdivided property which defendant, a developer, wished to buy. In January of 1974, the parties entered into an "Exchange Agreement.” By the terms of this contract…