Rice v. Moudy

Ed F. McFaddin, Justice.

This litigation stems from a timber contract between the parties.

In 1947 appellees agreed to purchase, and appellants agreed to sell, the pine and oak timber of specified size from eight tracts of land totaling 1,960 acres. The agreed price was to be $30 per thousand for pine timber, and $12 per thousand for oak timber; and the appellees were to cut and remove the timber from the tracts within a specified time. Appellees paid appellants $10,000 as part payment and were to render regular reports and calculations. Included in the contract was the timber on a tract of…