Stevens v. Irwin

By the terms of a written contract, the plaintiffs agreed to sell, and the defendants agreed to purchase and pay the purchase price for, certain real estate. The price was $10,000. Fifteen hundred dollars of it was paid down, in cash, and the balance was payable in $500 installments at certain fixed periods. When all of the purchase price was paid, the plaintiffs were to give their deed to the property. Time was of the essence of the contract. If the payments on the purchase price were not made as provided, the plaintiffs were to have the right to forfeit all payments and terminate the…