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PORTER v. MEIER CHEVROLET-BUICK, INC.

461 P.2d 527 (1969)

Christopher J. PORTER, Respondent, v. MEIER CHEVROLET-BUICK, INC., a Corporation, Appellant.

Supreme Court of Oregon, In Banc.

Decided November 26, 1969.

Attorney(s) appearing for the Case

Robert L. Burns, Gresham, argued the cause and filed a brief for appellant.

Roscoe C. Nelson, Portland, argued the cause for respondent. With him on the brief was Marvin S. Nepom, Portland.

SLOAN, Justice.

On May 16, 1967, the plaintiff and defendant executed a contract by which plaintiff agreed to buy the assets of defendant corporation. The assets consisted of the various properties of an automobile agency located in Reedsport. Plaintiff paid $5,000 to defendant on that date to bind the agreement. One paragraph of the contract provided:

"It is agreed between the parties that this agreement shall be binding upon Buyer only at such time as the...

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