Martin v. Lafon

This is an appeal by E. J. Martin, hereinafter called plaintiff, from a judgment in his favor against W. E. LaFon, hereinafter called defendant. The facts necessary for a determination of the appeal are not in controversy, and may be stated as follows:

In March, 1938, the parties entered into an option contract, whereby defendant agreed to assign to plaintiff an existing lease in favor of defendant upon certain hotel and cafe property in Phoenix. Plaintiff paid defendant $500 cash at the time of the execution of the option, and agreed to pay the further sum of $4,500 in case he exercised his…