Pelege v. Chrysler

O’CONNEUL, J.,

Pro Tempore.

Defendant appeals from a summary judgment entered in favor of plaintiff.

On June 10, 1972, plaintiff loaned $10,000 to defendant, which defendant agreed to pay with interest at 8 percent per annum within three months. As a part of the same transaction, plaintiff was given the option to exchange the note for shares in a corporation to be established or, in the alternative, to contribute the capital in a joint venture, sharing profits and losses with defendant. The option was exercisable on or before September 1, 1972.

On September 4,1975, plaintiff brought this action…