W.J. Howey Company and Howey-in-the-Hills Service Inc. are Florida corporations under common control and management. Howey Company offers to sell to the public its orange grove, tree by tree. Howey-in-the-Hills Service Inc. offers these buyers a contract wherein the appropriate care, harvesting, and marketing of the oranges would be provided. Most of the buyers who sign the service contracts are nonresidents of Florida who have very little knowledge or skill needed to care for and harvest the oranges. These buyers are attracted by the expectation of profits. Is a sale of orange trees by the Howey Company and a sale of services by Howey-in-the-Hills Service Inc. a sale of a security? Why or why not?
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