On May 24, 1976 plaintiffs and defendants executed a binder agreement for the purchase of certain real property owned by defendants, which agreement provided that "This binder is contingent on superseding contract to follow, including all phases of sale as agreed." At the time the binder was executed, plaintiffs paid defendants the sum of $6,000 as a deposit. The transaction was never completed and on December 6, 1976 plaintiffs commenced this action to recover the $6,000...
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