Opinion ID: 2617670
Heading Depth: 1
Heading Rank: 3

Heading: The Livestock Option Contract and Changes to the Exchange Agreement

Text: At another late night meeting on March 18, 1981, the parties arranged for Wentz to take over operation of the Nevada ranch, even though for some reason the parties were unable to close the original exchange agreement. Accordingly, they executed an addendum to the exchange agreement providing for the operating arrangements. In addition, they also signed an addendum that gave Wentz an option to buy livestock from Sprouse (referred to later as option livestock) and that sold to Sprouse certain livestock belonging to Wentz (referred to later as bill of sale livestock). Pursuant to these agreements, apparently made because of the ill-health of Clive Sprouse who had been operating the ranch, Wentz took over operations at the Nevada ranch. On August 26, 1981, the parties met to close escrow on their transactions. Among other agreements, the following agreements were executed and delivered: (1) a deed from Wentz to Sprouse conveying the California ranch; (2) a promissory note and deed of trust from Wentz to Sprouse; (3) deeds from Sprouse to Wentz conveying the Nevada ranch; (4) an option to buy livestock from Sprouse to Wentz; and (5) a bill of sale conveying ranching equipment from Sprouse to Wentz.