Consolidated Freightways v. Wilhelm

This was an action for breach of a contract. The contract was one in which defendants, as the sole stockholders of Hunt Transfer Co., Inc., sold all of their stock in the transfer company to plaintiff. The contract expressed the recognition of the parties that the sale would require the approval of the Interstate Commerce Commission before the sale could be fully completed, and that to obtain this approval would require about two years. Accordingly, the contract contained specific provisions for the continuation of the business of the Hunt Transfer Co., Inc., by defendants until the final…