Elmquist

Plaintiffs were the owners of a restaurant and cocktail bar which defendants wished to acquire, as well as a general on-sale liquor license. Plaintiffs purchased with their own funds the license for $7,087.50 and pursuant to an application filed by plaintiff George M. Elmquist and defendant Del R. Lock, on or about June 23, 1952, there was issued such a license in the names of the applicants for the operation of a business on plaintiffs’ property to be known as Del’s Chuck Wagon. The parties entered into a contract by the terms of which plaintiffs agreed to sell and defendants to buy the restaurant, bar equipment and license for the sum of $17,949.32, the purchase price to include the liquor license priced at $7,087.50, payable in installments with interest on deferred payments at 3 per cent per annum. Plaintiffs also leased the property to defendants, who took possession and operated the business until February 1958. Installments of the purchase price were paid to that date in the total amount of $6,907.53 of which plaintiff credited the sum of $4,502.84 to principal and $2,404.69 to interest. Upon cessation of payments plaintiffs terminated the agreement and were restored to…