On March 13, 1979, the sale of a Florida business was consummated in Florida between plaintiffs as sellers and defendant and George Arold as buyers. At the time the parties were all Florida residents. The parties agree that the applicable substantive law of Florida is essentially the same as the law of New York. A closing statement memorializing the transaction reads as follows: $1,000 down payment, $17,723 purchase money note, $11,000 balance due seller. On the day of the...
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