Morris Buick Co. v. Ray

In this suit is involved the right of the plaintiff to enforce the below quoted penal clause that was incorporated in a written act of sale of a new Buick passenger car by it to the defendant, viz.:

"In consideration of the sale by the seller to the buyer of the automobile hereinabove described, the buyer does, by these presents, obligate himself not to transfer, sell, assign, mortgage, or convey the automobile herein sold for a period of one (1) year from date hereof, without first giving the seller an opportunity to purchase the said automobile at its cost price, less depreciation at the…