Am-Cal Investment Co. v. Sharlyn Estates, Inc.

On April 7, 1964, the plaintiff Am-Cal Investment Co., Inc., a California corporation, which is owned solely by its president Louis Weinberg, entered into a written agreement with the defendant Sharlyn Estates, Inc., a California corporation, wherein the plaintiff agreed to purchase, and the said defendant agreed to sell, 6.589 acres of raw land located on Tustin Avenue in the City of Orange, for the sum of $38,500 an acre, comprising a total purchase price of $253,-676.50. The agreement provided that the purchase price would be payable in the following manner: $5,000 in cash on execu tion of…