Gray v. Hager

WHICHARD, Judge.

I

The issue is whether a document that specifies a sales price, but states that an interest-bearing note and deed of trust will be executed, and that the terms of payment will be agreed on subsequently, meets the legal requisites of a valid contract. We hold that it does not, and that the court thus erred in granting summary judgment to plaintiffs and denying it to defendants.

II

Plaintiffs and defendants signed a document captioned “deposit receipt and agreement of sale,” which provided that defend ants would purchase plaintiffs’ house for $48,500. Defendants were to make a down…