Sunset Copper Co. v. Black

The appellant’s predecessor in interest and the respondents, on May 3,1916, entered into a contract (the interest of appellant’s predecessor being subsequently acquired by the appellant), whereby the respondents agreed to sell certain mining claims upon deferred payments. The contract did not provide any interest upon these deferred payments except that,

“In the event that any payments are not made when due, and parties of the first part (respondents) do not elect to declare the contract forfeited, by reason of the failure to pay said sums, then such payments shall draw interest at the rate of…