Lederman v. Bodovitz

The stipulation on which the case was tried recites that on March 17, 1925, the bid of J. A. Bodovitz “for the purchase” of the land was approved and a receipt for one-fourth of the “purchase price” was issued to him, and that upon the acceptance of his contract of “purchase” he was entitled to the use and possession of the land, and that he accordingly took possession thereof. The deferred installments drew interest. Thus, the payments were treated as part of the purchase price, not as consideration for an option. When the bid was approved and the down payment was made, the transaction…