Budd Land Company, Ltd. v. K & R Realty Company

Deen, Presiding Judge.

On October 10, 1978, Roger Budd Chevrolet, Inc., owner of an automobile dealership and sales business, executed an Asset Sale Agreement agreeing to sell the business to William Kehoe and Joseph Robert on certain conditions, including which was the formation of a corporation by purchasers to hold the assets, their obtention of a dealership agreement from Chevrolet and other manufacturers, the execution of a 10-year lease at a stated price from the owner, Budd, etc. The sale was later executed and assigned to the contemplated new corporation, by Kehoe Chevrolet, Inc. The…