Legal Opinion
Menard, Inc. v. Dage-MTI, Inc.
Indiana Supreme Court
Decided April 17, 2000No. 46S03-0004-CV-272PublishedCited by 91 opinions
1Opinion of the Court
ON PETITION TO TRANSFER
SULLIVAN, Justice.
Menard, Inc., offered to purchase 30 acres of land from Dage-MTI, Inc., for $1,450,000. Arthur Sterling, Dage’s president, accepted the offer in a written agreement in which he represented that he had the requisite authority to bind Dage to the sale. The Dage board of directors did not approve and refused to complete the transaction. We hold that as president, Sterling possessed the inherent authority to bind Dage in these circumstances.
Background
Dage-MTI, Inc., is a closely held Indiana corporation which manufactures specialized electronics equipment.…
2Cases cited29 opinions
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- Shell Oil Co. v. MeyerIndiana Supreme Court · 1998
- Estate of Reasor v. Putnam CountyIndiana Supreme Court · 1994
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