KAPLAN, J.
On September 22, 1986, the plaintiffs (buyer) and defendant (seller) entered into a purchase and sale contract for the "Minot Light Inn" in Scituate, which consisted of a restaurant and lounge. The contract was subject, among other things, to the transfer of applicable licenses to the new owner. The purchase price was stated thus: "$800,000 of which $25,000 has been paid as a deposit this day and
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