Smith v. Aggregate Supply Co., Inc.

Mobley, Justice.(a) In their brief counsel for the defendaxxt state that the dexnurrex’s to the petition are based upon matters which are contended to be defects in the contract between the parties and not upon the allegations of the petition, and they further concede that whether the contract violates the rule against perpetuities depends oxx whether said contract is an option or a lease. They contend that the contract creates only an option to purchase minerals; that, under its terms, it may extend over an undetermixxed nuxnber of years; and that it therefore violates the rule against…