M. R. Jones and Carl Jones v. Jack W. Dickens and Lucille B. Dickens, M. R. Jones and Carl Jones v. Three Rivers Ranch, Inc.

SETH, Circuit Judge.

Appellants appeal from judgments against them upon two promissory notes each in the amount of $50,000. The notes were executed by them as down payments on two ranches they were buying. Appellants contend the trial court erred in concluding that they waived defects in the title to one of the ranches, and in concluding that the notes were liquidated damages and not penalties.

Appellees Dickens entered into a written contract with the appellants to sell to them a ranch in Colorado, known as the North Park Hereford Ranch. The agreed purchase price was $500,000 to be paid: “The…