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SNOW v. C.I.T. CORP. OF THE SOUTH, INC.

No. 82-232.

647 S.W.2d 465 (1983)

278 Ark. 554

Bub SNOW et al., Appellant, v. C.I.T. CORPORATION OF THE SOUTH, INC. et al., Appellees.

Supreme Court of Arkansas.

March 14, 1983.

Attorney(s) appearing for the Case

Meadows & Elcan by Frank C. Elcan, II and Steve B. Davis, Harrison, for appellant.

Friday, Eldredge & Clark by George Pike, Jr., Little Rock, for Schramm, Inc.

Heiskell, Donelson, Bearman, Adams, Williams & Kirsch, Memphis, Tenn., and Wright, Lindsey & Jennings, Little Rock, for C.I.T. Corp. of the South, Inc.

Richard L. Peel, Russellville, for Tennessee Well Supply Co. and Southeastern Drilling Supply Co.

GEORGE ROSE SMITH, Justice.

In January, 1980, the appellant Snow, engaged in the business of drilling water wells, purchased a drilling rig under an installment contract reciting a cash price of $283,500 and finance charges of $118,786.20, the total being payable in 60 equal monthly installments. Snow had difficulties with the rig's performance from the outset. Two months after the purchase Snow had his attorney send a letter to the sellers electing to revoke his...

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