Prosser v. Schmidt

In July 1946, action was brought by Prosser against the Schmidts for specific performance. The evidence advanced in his behalf upon trial of the case was in brief as follows:

On February 14, 1942 Prosser and the Schmidts executed a contract in writing whereby, in consideration of receipt by them of fifty dollars, the Schmidts promised to convey to Prosser certain real property near the city of Florence, Colorado, for the sum of $1,500, the balance of $1,450 to be paid upon delivery of deed. The transaction was to be closed and possession given on or before May 1, 1942. Vendors covenanted to…