Federal Realty Co. v. Evins
Supreme Court of Arkansas
Appeal from Logan 'Chancery Court, Northern District; William A. Falconer, Chancellor; 1. In order to constitute a valid and complete contract for the sale of land, there must he mutuality of obligation, as in other executory contracts. There must be both an obligation to -sell- and an obligation to buy. 29 Am. & Eng.
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Appeal from Logan 'Chancery Court, Northern District; William A. Falconer, Chancellor; 1. In order to constitute a valid and complete contract for the sale of land, there must he mutuality of obligation, as in other executory contracts. There must be both an obligation to -sell- and an obligation to buy. 29 Am. & Eng. Enc. of L. (2 e-d.), 593. As to payments made by appellant at the rate of $30 per lot, the 'Contract was executed, but as to the remainder of the price fixed, the contract was executory, was an agreement to make sale at a future time. Id. 603. The contract should be so construed…
1Opinion of the CourtSmith, J.
On the 3d of April, 1912, the parties to this litigation entered- into a contract in writing for the sale of a tract of land containing 125 .acres situated in the Northern District of Logan 'County. This tract of land had been platted into lots and was known :as Mount Magazine, a .summer resort. The consideration for this contract was the sum of $6,000, and the provisions of the contract over which the parties are -disagreed read as follows :
“Now, therefore, it is hereby agreed by and between the parties hereto, in consideration of the mutual stipulations .and agreements to be kept and…
2Cases cited1 opinion
- Johnson v. WilkersonSupreme Court of Arkansas · 1910