Larson v. Superior Auto Parts, Inc.

Appellants submit that the trial court erred in holding that the complaint states a cause of action against each defendant. Their first contention is that the so-called contract by which the corporation is bound to buy the stock of a severing shareholder contains no agreement binding that shareholder to sell; — therefore, the contract is void for lack of mutuality. The first paragraph of the 1947 agreement states that when a shareholder severs his connection with the corporation the latter will pay him the value of his interest in the company. It then provides: “After full payment has been…