DIXON, Chief Justice.
On November 27, 1961 appellee Arthur Powell signed a contract to purchase a house and lot from appellant Babe W. Anderson for the sum of $5,500, the transaction to be closed on or before February 1, 1962.
At the time of signing the contract appellee deposited with Commercial Title Company the sum of $200 as "earnest money and part payment." In another paragraph in the contract it is provided that if the transaction should not be closed...
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