Mader v. James

RAPER, Justice.

James, appellant and third-party defendant, owned a ranch which he listed for sale with realtor Mader, appellant-defendant and third-party plaintifff. Mader found a buyer, Fanning, cross-appellant plaintiff. Fanning paid a $15,000.00 deposit on a sale price of $275,400.00 to Mader “as part payment to be held by Agent pending exchange of final papers.” The purchase offer, acceptance and receipt, of which the just-quoted words'were a part, went on to provide:

“In event of Buyer’s failure to seasonably complete the terms and conditions of this offer, the Buyer agrees that the…