ABE, Justice.
The plaintiffs, a group of real estate developers, entered into an option agreement with the defendants, whereby the plaintiffs for a consideration of $70,000 were given an option to purchase land owned by the defendants for the total purchase price of $600,000.00. The plaintiffs had until February 28, 1961 to exercise this option and upon their failure to do so the defendants had the right to retain the $70,000. The agreement required the defendants...
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