Ringwood v. Foreign Auto Works, Inc.

STEWART, Justice:

Richard Ringwood, the plaintiff in this action, held 15,000 shares in Foreign Auto Works, Inc. (FAW) as a result of a merger between FAW and Ringwood, Inc. in 1976. In 1978, Mr. Ringwood and FAW agreed with the defendants, Mr. and Mrs. Poggio and Mr. Frances, that the defendants would purchase Ringwood’s shares for $100,000 1 and the defendants signed a promissory note in October, 1978 for that amount. Subsequently, on November 8,1978 the parties entered into a written agreement for the sale and purchase of the stock. That agreement contained numerous provisions similar to…