Century Financial Services Group, Ltd. v. Bates

KAROHL, Judge.

Defendants, Houston E. Bates, Jr. and Rodger Erie Bates d/b/a Bates Brother Recording, (lessees) appeal from a money judgment in favor of Century Financial Services Group, Ltd., (lessor). The case was court tried on stipulated facts. The parties signed a lease and a separate option agreement on the same date, first the lessees, then the lessor. Lessees wanted to purchase leased audio equipment by exercising an option in the option contract which they argue fixed the price at 10% of the lessor’s purchase price. Lessor claimed the price must be determined by the option provision…