Alley Ex Rel. Estate Johnson v. Rodgers

Frank Holt, Justice.

Cyrus Johnson, now deceased, agreed to purchase three mobile homes from appellees. The contract provided that the purchase price of $9,500 would be paid as follows:

Two Thousand Dollars ($2,000.00) down payment, and balance of Seven Thousand Five Hundred Dollars ($7,500.00), due within 60 days of the execution of this contract; . . .

[Cyrus Johnson] agrees that down payment is to be considered as earnest money and liquidated damages should [Cyrus Johnson] not complete the terms of the contract;

A few days after the contract was executed, Johnson advised the appellees that he…