The Sharps (P) sold real property to the Holthusens (D). Under the contract, D could assume P's VA loan and discharge it within one year in a balloon payment. After the contract was signed, it was discovered that a well on the property, which was integral to the property's value, was contaminated. D could not get the financing to pay off the balloon note because of the well. D drilled a new well and finally obtained the necessary financing. D finally tendered payment on the balloon note, and the escrow agent refused it at P's direction. P insisted upon a release from the claims related to the well. D refused to give that release. P then sued for forfeiture and repossession. The trial court refused to declare a forfeiture, and awarded damages instead. P appealed.

This section contains the nature of the case and procedural background.

The legal issues presented in this case will be displayed here.

The court's holding and decision will be displayed here.

Legal analysis from Dean's Law Dictionary will be displayed here.