Prudential Timber & Farm Co. v. Collins

Quillian, Presiding Judge.

Defendant Lee was the principal owner and an officer of Prudential Timber & Farm Company and H. R. Lee Investment Corporation, who were also named as defendants. Defendants owned a tract of land in Lumpkin County consisting of approximately 1,340 acres. Plaintiff Collins contacted defendant Lee regarding the purchase of land and obtained an option to purchase this property for $680 per acre. Lee wanted to obtain a loan from the Federal Land Bank and as plaintiff Collins was a broker he entered into an option contract with him which stated the consideration was $1 and…