Calvey v. Coyer

Opinion by

Rhodes, J.,

The plaintiff brought this action of assumpsit on a written contract made with the defendant.

Prior to February 5, 1927, the plaintiff and his wife, together with the defendant and his wife, were the sole stockholders of a corporation known as the Scranton-Paige Motor Company. Defendant'was president of the company, and the plaintiff was secretary and treasurer. On February 5, 1927, the defendant and his wife sold their stock in the motor company, being 50 per cent, of the amount issued and outstanding, to the plaintiff. Simultaneously, the defendant entered into an…