FRANTZ, Justice.
Kalish filed his amended complaint for specific performance of a receipt and option contract for the purchase of unimproved realty in Arapahoe County. To this amended complaint Brice and Stroup, defendants, addressed several joint defenses. The facts briefly stated disclose:
On April 22, 1950, Kalish signed a standard form of receipt and option (Bradford-Robinson Form 862) which contained the following provisions, among others:
"Time...
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