Parsons Drilling, Inc. v. Polar Resources Co.

OPINION

Appellant, Parsons Drilling, Inc., challenges the trial court’s ruling that Parsons remit respondent Polar Resources Company’s downpayment made pursuant to a contract between the two parties.

On approximately May 25, 1979, both parties entered into a contract of sale for appellants’ drilling rig. Parsons had purchased the rig through Credit Alliance Corporation under a conditional sales contract.

In accordance with the terms of the parties’ contract, Polar gave Parsons a thirteen thousand dollar deposit in exchange for possessory rights in the rig. The contract specified that both…