Hannaway v. Schipper Food Brokerage Co.

This is an appeal on questions of law from a judgment of the Court of Common Pleas of Montgomery County.

For some time prior to January 1, 1967, John and. Robert Hannaway were the operators of a food brokerage business known as M. Hannaway Co. In November 1966, John Schipper, president of the Schipper Food Brokerage Co., approached the Hannaways with a view to purchasing the M. Hannaway Co.

After some negotiations, the parties entered into a sales contract whereby M. Hannaway Co. sold its assets to Schipper Food Brokerage Co. for $30,800. Schipper paid the Hannaways $1,900 at the time of…