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McMILLAN v. GOLDEN

495 P.2d 720 (1972)

Clifton H. McMillan III and Patsy H. McMillan, Husband and Wife, Respondents, v. Paul T. GOLDEN and Celeste S. Golden, Husband and Wife, Appellants.

Supreme Court of Oregon.

Decided April 4, 1972.

Attorney(s) appearing for the Case

Mel Kosta, Klamath Falls, argued the cause for appellants. With him on the brief were Kosta and Brant, P.C., Klamath Falls.

Stanley C. Jones, Klamath Falls, argued the cause for respondents. With him on the brief was J. Anthony Giacomini, Klamath Falls.

Before O'CONNELL, C.J., and McALLISTER, DENECKE, HOLMAN, TONGUE and BRYSON, JJ.

TONGUE, Justice.

This is a suit for specific performance of a contract for the sale of a ranch. It was brought by the sellers against the purchasers for failure to make two annual payments of $8,000 each when due by the terms of the contract.

The principal defense is that by the terms of the same contract it was provided that the sellers would lease back the ranch for one year for the sum of $8,000, payable in two equal installments, before the first

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