Ingle v. Perkins

McQUADE, Justice.

On May 12, 1966, appellants Neal H. and Lavina R. Perkins and respondents Jack and Flossie J. Ingle entered into a written agreement entitled, “Option to Purchase Real Property.” This document recited that for consideration of $10,000 (a promissory note secured by a chattel mortgage on certain cattle) the respondents granted the appellants an option to purchase certain described property for the sum of $260,000. The promissory note for $10,000, described in the May 12 option document, was executed on May 15, 1966, and the chattel mortgage securing this note was executed on…