Chitwood v. White

The defendant entered into a verbal contract with plaintiff, by the terms of which plaintiff was employed as agent to sell defendant’s farm at a price to net defendant $15,000, the,excess, .if any, to be plaintiff’s compensation. The contract was informal, and no time limit was specified in which the place was to bo sold, nor was there any stipulation in the contract making time of its essence. Where this is the case, the party agreeing to perform the service has a reasonable time in which to effect the sale according to the terms agreed upon; such reasonable time being determinable upon the…