Guaranty Discount Corp. v. Bowers

On November 19, 1925, James F. Chapman, a retail automobile dealer, entered into a written contract with William D. Sherfick, an employee, by the terms of which Sherfick purchased of Chapman a certain automobile at the price of $1,745.25, to be paid, $495 cash, remainder in three installments, payable one, two and three months after date; the first two installments to be $50 each, the third $1,150.25. As evidence of the amount to become due under the contract, but not as payment, Sherfick executed and delivered to Chapman his promissory note for $1,250.25, the aggregate of the three…