Anderson v. Powell

DIXON, Chief Justice.

On November 27, 1961 appellee Arthur Powell signed a contract to purchase a house and lot from appellant Babe W. Anderson for the sum of $5,500, the transaction to be closed on or before February 1, 1962.

At the time of signing the contract appel-lee deposited with Commercial Title Company the sum of $200 as “earnest money and part payment.” In another paragraph in the contract it is provided that if the transaction should not be closed on or before February 1, 1962 “the $200.00 escrow deposit shall *366be forfeited.” In still another paragraph it is provided that in the event…