Gugenheim v. Hancock

STOKES, Justice.

Prior to May 2, 1947, the appellant, A. D. Gugenheim, and his son and daughter, A. D. Gugenheim, Jr., and Betty Manheim, were partners, doing business at Amarillo and Hereford under the trade-name of A. D. Gugenheim Company. On that date they entered into a contract with the appellee, Austin P. Hancock, by the terms of which the parties agreed to incorporate the business under the corporate name of A. D. Gugenheim Company, Inc. The contract provided that the capital stock of the contemplated corporation should be $150,000, divided into shares of the par value of $100 each and…