Gulf American Land Corp. v. Green

THOMAS, Justice.

This litigation springs from transactions between the petitioner and prospective purchasers of lots which it offers for sale. We now describe a typical such transaction.

Petitioner’s salesman signs an instrument called “Agreement for Contract” in which there is acknowledged receipt of the first payment, there is stated the location of the tentative lot, there is specified the total purchase price and the amounts of monthly installments, and there is stipulated the guarantee of repayment during a term of six months. Simultaneously the prospective purchaser executes a “Sales…