Boyd v. Head

McQUADE, Justice.

This action arose out of an agreement executed March 14, 1963, between the parties concerning the sale of ranch property owned by respondents and cross-appellants W. N. and Viola Head. Generally, the agreement provided that if the property was not “sold” for a price of $73,000.00 or more “by” September 14, 1965, Heads had to sell it to appellant and cross-respondent Boyd who was obliged to buy the property for $63,000.00 (Boyd terms this arrangement a “must-buy option.”) Simultaneously with execution of the agreement, Boyd loaned Heads $16,000.00, payable with eight per cent…