Jacobs v. Frontier Tractor & Equipment, Inc.

VAN CISE, Judge.

Defendant, Frontier Tractor and Equipment, Inc. (Frontier), appeals the judgment in favor of plaintiff, John P. Jacobs, on plaintiff’s claim for refund of $12,000 paid by him to Frontier on his stock purchase promissory note and the judgment against Frontier on its counterclaim for the $18,000 unpaid balance on this note. We reverse.

The facts are uncontroverted. In November 1980, plaintiff, then the general manager of Frontier, entered into a stock purchase agreement whereby plaintiff agreed to purchase and Frontier agreed to sell 800 shares of its stock for $30,000. The…