KNAUSS, Justice.
Under a contract of purchase and sale dated March 7, 1955 John W. Alles, Jr. purchased certain real estate and equipment located at Ault, Colorado from Henry Weitzel, No. 2 for $14,000 on monthly installments of $150 each, to be paid by John W. Alles, Jr. Nothing was paid down and no provision was made for a down payment in the contract of purchase and sale, which, among other things, provided:
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