JOHNSON v. JAGERMOORE-ESTES PROPERTIES

83-145.

456 So.2d 1072 (1984)

John B. JOHNSON, James A. King, Jr., James T. Parsons, J. Hardie Meade, Jr. v. JAGERMOORE-ESTES PROPERTIES, a partnership, et al.

Supreme Court of Alabama.

September 21, 1984.


Attorney(s) appearing for the Case

Donald H. Brockway, Jr. of Corretti & Newsom, Birmingham, for appellants.

J. Fred Wood, Jr., Carleton P. Ketcham, Jr., and J. Terry McElheny of Dominick, Fletcher, Yeilding, Wood & Lloyd, Birmingham, for appellees.


MADDOX, Justice.

This is a suit seeking rescission of an option contract for the purchase of certain improved realty, including 342 apartment units.

On February 27, 1980, James T. Parsons, John B. Johnson, James A. King, Jr., and Hardie Meade, Jr. (purchasers) entered into an agreement with Jagermoore-Estes Properties and others (sellers) which provided in pertinent part as follows:

"OPTION AGREEMENT

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