Commonwealth Petroleum Co. v. Billings

CRISWELL, Judge.

Defendant L. Charles Billings appeals the trial court’s decree that he was not entitled to rescind his agreement with defendant David F. Fisher that called for an assignment of an oil and gas lease. He asserts that the court erred in concluding that Fisher did not commit a material breach of the agreement. We disagree and affirm.

In February 1982, Fisher entered into an agreement (Agreement) with Billings to assign to Billings an oil and gas lease that was to be issued to Fisher by the Bureau of Land Management (BLM) at a later date. Under the Agreement, Billings deposited…