Appeal from Circuit Court, Clackamas County. Howard J. Blanding, Judge.
Brian W. O'Brien, Portland, argued the cause and filed a brief for appellant.
Justin C. Tallman, Gresham, argued the cause for respondent. With him on the brief were McAllister, Tallman & Egner, Gresham.
O'Connell, Chief Justice, and Denecke, Holman, Tongue, and Bryson, Justices.
This is an action at law to recover $1,500 for breach of contract. At the close of plaintiff's case defendant moved for an order of involuntary nonsuit. The motion was denied. Defendant rested without presenting any evidence and thereafter moved for a directed verdict in his favor. Plaintiff also moved for a directed verdict which the court granted and defendant appeals. The only issue on appeal is the interpretation of the contract upon which the action is brought.
Plaintiff advertised in a newspaper that he would sell a herd of chinchillas for $1,500. Thereafter plaintiff entered into the following written contract:
"AGREEMENT OF STOCK TRANSFER of 30 shares in Bunch Manufacturing Co.
"I, Wilbur L. Tracy do hereby sell and transfer thirty (30) shares of stock in the Bunch Manufacturing Co. an Oregon Corporation, (SAID STOCK TO CONSTITUTE NOT LESS THAN THREE (3) Per CENT OF THE TOTAL STOCK IN SAID COMPANY) to Jack Haselwander, for the value of Three thousand dollars ($3000.00) said value to be in the form of a chinchilla herd and equipment.
"It is espressly (sic) understood and agreeded (sic) by both parties that Jack Haselwander shall have the option of keeping all stock under this agreement or returning all thirty (30) shares back to Wilbur L. Tracy for the reduced sum of fifteen hundred dollars ($1,500.00) or fifty dollars ($50.00) per share The return of all stock and payment of fifteen hundred dollars ($1500.00) shall be completed on or before July 1, 1970.
"It is further agreeded (sic) and understood that the certificates of stock and the recording of same shall be issued to Jack Haselwander as soon after July 1, 1970 as is expedient, but that the actual sale
of stock is to be completed on the date of this agreement being ...