Owens v. Muslow

On December 12,1919, plaintiff and defendant entered into an option agreement whereby plaintiff paid for said option $50,000 cash and $100,000 on December 23d, and defendant bound himself to deliver to plaintiff a deed to certain oil properties for the agreed price of $1,300,000 less the $150,000 paid, provided that plaintiff should furnish defendant, on or before January 15,1920, security or guaranty satisfactory to defendant for the payment to defendant of $1,150,000 on January 15, 1922, with interest at 5 per cent, per annum, payable annually.

I

It is virtually admitted and certainly proved…