Teachout v. Maiers

The plaintiffs, Mr. and Mrs. Teach-out, contracted to buy defendant Maiers’ restaurant business, located in the basement of the Elks building in the city of Lansing, together with fixtures, merchandise and equipment. The purchase price was $32,500, with $14,366.31 as down payment, and the balance to be paid at $200 or more each month, with interest at 6% per annum. The agreement allocated the entire purchase price to trade fixtures and provided that title to all these fixtures would remain in the defendant seller until the entire price had been paid. The contract provisions here brought to…