Wilcox

Action for the rescission of an agreement for the purchase of certain real estate.

The plaintiffs and the defendant made an agreement, August 29, 1887, by which the defendant agreed to convey to the plaintiffs a tract of one hundred acres of land *592 in the county of Los Angeles for the sum of eighty thousand dollars, of which the plaintiffs were to pay twenty thousand dollars on or before the expiration of six months, twenty thousand dollars on or before the expiration of one year, and forty thousand dollars on or before the expiration of eighteen months from the date of the said agreement, and the plaintiffs executed to the defendants their several promissory notes for these amounts. The agreement also contained the following clause: “This contract is subject to an understanding and agreement between all the parties that the parties of the second part are to plat, subdivide, and place all the said land in the market within thirty days from and after the execution of these presents and it was also provided therein “ that as fast as any of said land is sold by the said second parties, said B. C. Lattin shall convey the land so sold to the purchasers, and all the moneys arising…