Wallace v. Smith

Defendants owned and operated the Nuway Cleaners in Maud, Oklahoma. In March, 1949, plaintiff began negotiations relative to purchase of the business, including the real property where the establishment was located. The negotiations culminated March 12, 1949, in the execution of a contract to purchase, by the terms of which plaintiff agreed to pay $2,000 in cash, execute notes secured by a mortgage for $5,500, bearing 6% interest, payable $150 per month, subject to specified increase based upon net profits. The contract provided for delivery of good title, and defendants warranted title to…