Schlake

The plaintiff was the owner of two different tracts of land located near Sebastopol in Sonoma County. He executed a contract of exchange whereby he transferred under two separate contracts the said lands to the defendant for shares of stock in the Consolidated Concessions Company, a corporation. Thereafter he discovered certain facts which he believed entitled him to rescind the contracts of exchange by reason of alleged false representations of the defendant and one J. 0. Wyatt, the agent of the defendant, and thereupon he gave a notice purporting to rescind the contracts. Thereafter he commenced this action and he so framed his pleadings that he prayed separately, as to each exchange, that it be (1) rescinded as for fraud, and (2) that his deed be canceled as for a total failure of consideration. The trial court made findings in favor of the plaintiff and from a judgment entered thereon the defendant has appealed.

Prior to 1913 preparations were made to hold an international exposition at San Francisco in 1915. For the purpose of conducting the enterprise the Panama Pacific Exposition Company was incorporated. That company granted certain concessions. Among them it granted a…