Merigold

This is an action for the recovery of money. Defendant had judgment and plaintiffs appeal.

I. B. Rankin entered into a contract with Gagnon whereby the former agreed to buy and the latter to sell certain lots of real property. The deal was in part really an exchange, for Rankin conveyed to Gagnon certain real property in part • consideration for the lots he agreed to “buy”. Rankin conveyed, by a paper termed an assignment, all his “rights, title and interest” in the lots to the Merigolds, and in the document the parties requested Gagnon to enter into a contract to sell the lots to the Merigolds. This new agreement was executed, and the Merigolds were thus substituted for Rankin as buyers of the lots. The agreement acknowledged the receipt of the sum of $3,735 “cash, or property exchange credited, upon the execution of this agreement”, as part payment for the lots. The Merigolds agreed to pay, in addition, installments of $50 the month until a certain total sum had been paid to Gagnon. They paid one monthly installment and no more. The action was commenced for the recovery of $3,786, that being the total of the $3,735 and the one installment of $50. The trial court found that the…