Tees v. Lee

The appellant is a sole trader doing business under the name of Vitamin Products Company. The respondent was the owner of a distribution organization which he had operated for several years under the name of Vitamin Products Sales Company. He sold this business to the appellant, who agreed to pay therefor $12,000 in $2,000 monthly instalments. In the contract it was agreed that in the event of a default of any monthly payments the total amount was to become due and payable. By the middle of June, 1939, $5,000 had been paid. Plaintiff brought this action to recover the balance of $7,000 now…