SHELDON SIMMS COMPANY, INC. v. Wilder

Nichols, Presiding Judge.

The question presented by the defendants’ general demurrer is: Is a sales contract covering real estate, and on which earnest money has been paid by the purchaser, which provides “the purchase price of said property shall be ... to be paid as follows: This contract is contingent upon the purchaser’s ability-to obtain a loan on said property of $24,000 with maximum interest of 6 1/4 percent per annum, for a maximum period of twenty years,” a valid and binding contract that requires purchaser to seek in good faith to obtain such loan or is it such an undertaking that…