Issenhuth

This is an action brought to rescind a contract for the purchase of a share in an “oil lease” and to recover the sum of $5,000 paid upon the same. Judgment went for plaintiff according to the prayer of the complaint, and from said judgment this appeal is taken.

The following facts are undisputed. On April 14, 1923, Gilbert & Hawley assigned to Reed & Campbell an interest in an oil lease covering two and one-half acres of land in the Santa Pe Springs district. By the terms of said instrument the assignees agreed to do certain development work in search of oil. Included in this work, the assignees were to continuously and diligently prosecute the drilling of a well to a depth of 5,000 feet or until production was obtained at a lesser depth in what is known as the “Meyer sand.” Gilbert & Hawley then assigned two per cent of the royalty under said agreement to appellant Robert Marsh & Co., and the latter assigned one per cent of said royalty to plaintiff.

On May 15, 1923, respondent paid appellant the sum of $2,000 in cash, and received from it a writing as follows:

The balance of the purchase price, $3,000, was paid June 4, 1923, and on June 18, 1923, appellant executed to…