Jensen v. Bouwhuis

ELLETT, Chief Justice:

The defendants as sellers and the respondent as purchaser entered into an Earnest Money Receipt and Offer to Purchase Realty, the terms of which provided for the payment of the sum of $1,000 upon acceptance by the seller; $14,000 on delivery of the deed or final contract of sale; and the balance to be paid at the rate of $8,000 per year for ten years, plus interest at the rate of seven percent (7%).

The agreement was conditioned on the buyers being able to secure building permits and further conditioned on the parties being able to “negotiate on land release basis.” It…