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should be: (1) Parties capable of contracting; (2) the consent
of the parties; (3) a lawful object; and (4) sufficient cause of
consideration. N.D. Cent. Code sec. 9-01-02 (1987); Gerhardt v.
Fleck, 256 N.W.2d 547 (N.D. 1977). Contracts are to be
interpreted in a manner to give effect to the mutual intention of
the parties at the time the contract was entered into. N.D.
Cent. Code sec. 9-07-03 (1987); Pamida, Inc. v. Meide, 526 N.W.2d
487 (N.D. 1995). Under North Dakota law, when parties have
entered into a valid, enforceable contract for the sale of land,
equitable title vests in the purchaser and the seller holds bare
legal title as security for payment of the balance of the
purchase price. United Bank v. Trout, 480 N.W.2d 742, 748 (N.D.
1992); Zent v. Zent, 281 N.W.2d 41, 45 (N.D. 1979).
The purchase agreement provided for the sale by petitioner
and the purchase by the law partnership of petitioner's share
(27.5 percent) of the partnership assets which were stated to
include the Third Street building and parking lot. The
consideration for the sale of petitioner's partnership interest
was $2,800 a month for the 12 months of 1986, certain personal
property, and 10 percent of fees collected from certain cases and
clients, plus payment of medical insurance for petitioner. The
purchase agreement further stated that petitioner "shall execute
a Quit Claim Deed to the partnership on the office building and
parking lot described above."
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