Sumner v. Fel-Air, Inc.

OPINION

RABINO WITZ, Justice.

This appeal arises from a dispute over the sale of a Piper Navajo airplane by William Sumner, an Anchorage commercial aircraft dealer, to Fel-Air, Inc., a Barrow air taxi operator. In March 1976, Sumner and Fel-Air orally agreed to the basic terms of the sale, including the purchase price of $105,000.00. Sumner was to receive a Piper Aztec aircraft valued at $30,000 as a downpayment on the Navajo. Fel-Air was to remit the $75,000 balance of the purchase price in monthly installments of $2,000. Interest on the unpaid balance was to accrue at a rate of 12%. These…