Purdue v. Ralph

HOLMES, Circuit Judge.

This is an action to recover the balance of the purchase price of a casinghead gasoline plant. The terms of sale provided that $5,000 should be paid in cash, $4,000 on February 16, 1930, and $4,000 on the sixteenth of each succeeding month until ten such payments had been made, plus a final payment of $3,000 one month later.

It was further agreed between the vendor and vendee that said deferred payments should be made only out of profits, and should bear interest at the rate of seven per cent per annum, and that, should the profits derived from the operation of the plant…