Michie v. Nebrig

A short summary of the pertinent features of the transaction involved in this case is as follows:

Appellants owned a valuable tract of land suitable for a subdivision-. Penny, Whitman, and Moebes undertook to purchase it. We will sometimes refer to them as the first purchasers. They first secured an option to purchase the land. On July 17th they entered into a contract to buy it, but, owing to a defect in its execution, another contract was made August 2, 1920, and recorded on that day. By it 10 per cent, of the purchase price was then paid, and 15 per cent, was to be paid January 1, 1921,…