Thompson v. Moore

Plaintiffs were the owners of a house and lot in San Francisco. The defendants owned a tract of land containing 41.5 acres situated in the county of Yolo. They exchanged their respective properties upon a basis of a valuation of $4,500, assuming each piece of property to be clear of encumbrances. Plaintiffs’ property in San Francisco was subject to a mortgage given to secure a promissory note for $1697.43. Defendants paid plaintiffs the sum of $102.57. These two items amounted to $1800, and, to offset them, the plaintiffs executed and delivered to the defendants their promissory note for…