Fischer v. G & S BUILDERS

Plaintiffs, Richard and Marissa Fischer, entered into an installment contract to purchase a home located at 703 Seventh Street, Peru, from defendants G & S Builders, a partnership, on May 1, 1981. The purchase price of the home was $50,000. The terms of the contract required plaintiffs to make a down payment of $5,000; monthly payments of $490.66 from June 1, 1981, through April 1, 1984; and a balloon payment of $44,589.56 on May 1, 1984. On April 9, 1984, three weeks before their contract obligations were to have been fully discharged, plaintiffs filed a complaint in the circuit court of La…