Benedict v. Nielsen

A brief recital of facts is necessary to a proper understanding of the questions presented for decision on this appeal. On or about June 28, 1920, the plaintiff in this action, as purchaser, and’ defendant, as vendor, entered into a written contract for the purchase and sale of 160 acres of land in O’Brien County, Iowa. The consideration expressed in the contract was $64,000, and was to be paid as follows: $3,000 on the execution of the contract, which was paid; $21,000, March 1, 1921; and by the assumption of two mortgages for $15,000 and $25,000, respectively. The contract was not…