97 S.E. 654 (N.C. 1918)
The sellers entered into a written contract under seal giving the buyer the option to purchase the timber on their property. The assignee acquired one-half interest in the contract prior to institution of suit. The buyer notified one of the sellers that was exercising his option and would take the timber. The sellers denied they had an obligation to sell him the timber, alleging that before any acceptance or notice thereof the sellers had notified plaintiffs in writing that they elected to terminate the contract. Plaintiffs filed an action for specific performance and a verdict was rendered in their favor.
- On appeal, the court affirmed.
- The contract was a solemn written covenant under seal.
- The sellers were bound by their covenant under seal and were not at liberty to withdraw their offer before the expiration of the time agreed upon.
- Before any attempted withdrawal by the sellers the buyer had notified one of the parties of his acceptance of the contract.
- The buyer was entitled to specific performance because he was at all times ready and able to comply with his obligations under the contract, tendering the entire purchase money, but the sellers refused to accept his performance.
The court found no error in the judgment in favor of plaintiffs and enforced the contract to buy timber.
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