Owens v. Jackson

Suit by A. B. Jackson and wife against Sherwood B. Owens for specific performance of a written contract whereby the latter agreed to purchase from the former an oil and gas lease on 20 acres of land in Caldwell county. They sought to recover $4,000 as liquidated damages, and to cancel said lease. From the judgment based upon a directed verdict in favor of the plaintiffs, Owens has appealed.

The contract provided that the Jacksons furnish Owens abstract showing “merchantable title” in them to the 20 acres of land involved ; that $4,000 be ■ placed in escrow pending examination of abstract and…