Stuart Wood, Inc. v. Palisades, C., Corp.

This is a bill by a vendee to rescind an agreement of sale and to recover a deposit made on account of the purchase price. Defendant is the owner of a parcel of real estate, used as a restaurant called the Villa Richard. On April 30th, 1929, defendant leased this property to Harry Sossin, Alexander Stuart and Thomas F. Wood for five years at an annual rental of $24,000 payable monthly in advance. The lease contained an option to purchase for $500,000. The lessees deposited with the lessor $5,000 as security. In May, Sossin assigned his interest in the lease to Messrs. Stuart and Wood and they…