Karll v. Minot Light Inc.

On September 22, 1986, the plaintiffs (buyer) and defendant (seller) entered into a purchase and sale com tract for the “Minot Light Inn” in Scituate, which consisted of a restaurant and lounge. The contract was subject, among other things, to the transfer of applicable licenses to the new owner. The purchase price was stated thus: “$800,000 of which $25,000 has been paid as a deposit this day and *167$750,000 is to be paid at the time of delivery of the deed in cash, or by certified, cashier’s, treasurer’s or bank check, $25,000 to be paid upon transfer of all licenses necessary to operate as…