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Contracts Keyed to Templin
Caples v. Steel
Citation:
7 Or. 491 (1879)Facts
In July 1875, William Steel sold 160 acres of land in Columbia County to C.G. Caples and T.A. McBride for $320. The parties executed an agreement where Steel would convey the deed upon full payment. The buyers paid $20 in cash and issued two promissory notes for the balance. After the first note was paid and before the second became due, Steel learned of potential coal deposits on the land. He refused to complete the transaction, claiming the buyers knew about the coal deposits before purchase and fraudulently concealed this information. Steel attempted to return the money already paid plus interest and the second note, but the buyers refused. Caples and McBride then filed suit seeking specific performance of the contract. The evidence presented failed to conclusively establish the existence of valuable coal deposits on the property or that the buyers had engaged in fraudulent conduct during the transaction.
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