Sargent & Co. v. Heggen

This appeal has to do with the correctness of the ruling of the trial court in sustaining the motion of defendants for a directed verdict, and involves the distinction between an option and an offer. Plaintiff’s cause of action is predicated on an option for the purchase of corporation stock; the evidence discloses a mere offer to sell the stock. To understand the point stressed by the appellant it becomes necessary to summarize the primary facts.

Plaintiff is an Iowa corporation with an authorized capital stock of $100,000 of which $25,000 is common and $75,000 preferred. The directors are…