Thomas T. Thompson and Lula Thompson v. Q. Book Reviews

Thomas T. Thompson and Lula Thompson v. Q. by Court of Appeals of Utah Book Summary

In December, 1976, the plaintiffs, as sellers, entered into a contract with defendants, as buyers, for the sale of a cafe, store and motel located in Virgin, Utah. The purchase price of $51,000 was to be paid by a $22,000 down payment and monthly payments of $200 thereafter, to accrue at the rate of 8 percent per annum on the contract balance. However, defendants apparently were unable to make the down payment and hence sought and obtained the agreement of plaintiffs to reduce the down payment to $10,000. Thereafter, in early March, 1977, the parties met with one Allen Carter, of Southern Utah Title Company, in St. George, utah, and enlisted his assistance in drafting a modification of the payment terms of their contract. Carter agreed to do so, but advised them that the reduction in the amount of the down payment would considerably extend the time for final payment of the contract price. Sometime later, defendants unilaterally contacted Carter and advised him to redraft the contract to provide for a down payment of $6,500 and interest on the contract balance at 8 percent per annum through the first year only, with no interest thereafter. Defendants represented to Carter that plaintiffs had agreed to the new changes. Carter thereafter drafted the contract which is in controversy and which provides, in pertinent part, as follows:

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