Coastal Air Lines, Inc. v. Dockery

RIDDICK, Circuit Judge.

The appellee, Dockery, a resident of Arkansas, leased one Douglas aircraft to appellant, Coastal Air Lines, Inc., a Pennsylvania corporation, for a period of 90 days, beginning September 27, 1947, “for an hourly rental of $25.00 (Twenty-Five dollars) per flying hour, with a minimum guarantee of $1,875.00 (Eighteen hundred, and Seventy-five dollars) for 75 (Seventy-five) hours flying time for each 30 (Thirty) days payable in advance.” In the lease Coastal Air Lines was granted an option to purchase the aircraft, as follows: “It is also understood and agreed that the…