Allen v. Kingdon

HOWE, Justice:

The plaintiffs Allen (buyers) brought this action for the return of all money they had paid on an earnest money agreement to purchase residential real estate. The defendants Kingdon (sellers) appeal the trial court’s judgment that the agreement had been rescinded by the parties and that the buyers were entitled to a full refund.

*395On February 12, 1978, the buyers entered into an earnest money agreement to purchase the sellers’ home for $87,500. The agreement provided for an immediate deposit of $1,000, which the buyers paid, to be followed by an additional down payment of $10,000…