Campbell v. Beard

50 S.E. 747, 57 W. Va. 501, 1905 W. Va. LEXIS 57
West Virginia Supreme Court·Decided March 28, 1905·Published·Cited by 18 cases

Opinion

POFEENBARGEE, JUEGE:

The principal question presented by this record is, whether a contract of sale of a tract of four hundred and seventy acres of land was effected. Peculiarity in the relation of the parties makes it necessary to present the facts in detail. C. E. Beard and his wife owned a tract of two thousand eight hundred and thirty-seven acres of timber lands in Pocahontas county. Beard and D. A. Penick owned another tract of four hundred and seventy acres which had some timber on it. The owners of both these tracts desired to sell the same, the former for $50,000 and the latter at ten dollars per acre. Jacob Yost, of Staunton, Virginia, had, as agent, been dealing in similar lands in that county and was in touch with persons in Pennsylvania, and perhaps elsewhere, to whom he thought he could sell these lands. Accordingly, Beard, on the 22nd day of August, 1902, entered into two written contracts with Yost, the first of which authorized him to sell the large tract at the price of $50,000, of which one-third was to be paid in cash and the balance in equal installments at one, two and threé years, with interest, to be secured by a vendor’s lien. It further authorized him to sell the four hundred and seventy acre tract, described [503] therein 'as the Beard and Penick land at ten dollars per acre, paj'able on the same terms. An important clause in the first contract, made a part of the second by reference, reads as follows: “Upon notice from the party of the second part that prospective purchasers or their representatives will' visit and examine the land at a certain definite time, the party of the first part hereby agrees to grant to the party of the second part, or to his assigns, an exclusive option to purchase on the conditions named above, said option to extend over such time as may be necessary to examine land and titles and make report thereon, but not to exceed twenty (20) days.”

Yost at once entered into negotiations for the sale of these lands with the firm of Geo. W. Campbell & Son, of Warren, Pennsylvania. They sent one Morrison to Pocahontas county, to examine the land, who, after looking over the two tracts, informed Yost that his report as to the large one Avould be favorable, and, as to the smaller one, unfavorable. Perceiving the danger of a loss of the sale, Yost applied to Beard for a modification of the contracts, to which request Beard acceded and signed an instrument which reads as follows:

“In consideration of one dollar in hand paid, the receipt of which is hereby acknowledged, the above contract is modified so as to provide as follows: The price of the two thousand eight hundred and thirty-seven acres of the Beard land shall be $50,000, and the price of Beard land and the Beard and Penick land (about four hundred and seventy acres) combined, shall be $51,800. Terms: One-third down, balance in one, two, and three years, equal instalments, at six per cent, and secured by vendor’s lien. The commission shall be five per cent, of the gross amount of the sale, payable as and when payments on the land are realized. The time of this option expires Oct. 1st, 1902. Sept. 15th, 1902. (Signed) C. E. Beard.”

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Campbell v. Beard, 50 S.E. 747, 57 W. Va. 501, 1905 W. Va. LEXIS 57 (W. Va. 1905).

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