Keifer v. Dreier

The plaintiff-appellee, on May 19, 1919, entered into a written contract with the appellants for the purl chase of a tract of 160 acres of land for $40,000. By the terms of the contract appellee was to pay $3,000 on the execution of the agreement, $8,020 on March 1, 1920, and $2,980 on March 1, 1923, and to assume and pay from March 1, 1920, as a part of the purchase price, a first mortgage of $8,000 and a second mortgage of $18,000. The contract provided that' thé time of payment was of the essence of the contract, and for a forfeiture of the right of the purchaser, in case of default, upon…