Kilpatrick v. Smith

On March 16, 1942, plaintiffs and defendants, as vendees and vendors, respectively, executed a written contract for the purchase and sale of a residence property in Cedar Rapids. The consideration was $4,250, of which $400 was paid in cash on the execution of the contract and the bal-ance.was to be paid in monthly sums of $30 until the contract-price was paid. The first installment was due April 16, 1942. The contract was on a printed form and contained the provision that the times of payment and of performance were the essence of the contract, and that upon any default therein, the vendors,…