Briles

The plaintiff brought this action to obtain a decree declaring that the rights of the defendant under a certain written contract were terminated. The contract was executed by the plaintiff and one J. J. Payseur. The defendant, Paulson, is the assignee and successor in interest of Payseur.

By the terms of the contract, which was dated December 5, 1910, Briles, in consideration of a payment of one hundred dollars, granted to Payseur the option of purchasing certain lands in Modoc County for seventeen thousand dollars, at any time up to December 31, 1915. Payseur was to have a subdivision of the land made, and prices aggregating seventeen thousand dollars were then to be put upon the various parcels, such parcels to be subject to separate purchase at the prices thus fixed. Payseur, if he exercised his option to purchase all or any of the land, was to pay one-fourth of the price in cash, and the balance in installments as provided in the agreement. Payseur was- given the right to make sales to third parties, he to receive all of the purchase price above the sums (aggregating $17,000), which were to go to plaintiff.

By the agreement the second party (Payseur) “agrees that he will…