Dean v. Cole

1. Prior to the controversy between the parties, embodied in this litigation, Dean owned a city lot in Portland and Cole owned acreage in Marion County. They exchanged these pieces of realty by Dean’s conveying the lot, rating the value at $8,000, which was credited on the purchase price of the acreage, fixed at $11,500. Instead of Cole’s conveying the acreage to Dean, they entered into a contract whereby Cole agreed to convey and Dean covenanted to buy the acreage, the deed to be made upon the payment by Dean of the balance of the purchase price, $3,500, to be applied in liquidation of a…