Siemans v. Thompson

This is an appeal by defendants-appellants Alan Thompson and Thompson Motor Sales, Inc. from a decree of the Circuit Court of Iroquois County in which Edward Siemans, plaintiff-appellee, was granted equitable rescission of a contract.

On October 1, 1968, defendant Thompson, the sole stockholder of the defendant corporation, entered into a contract with the plaintiff whereby defendant Thompson granted to plaintiff the right to purchase up to 49 percent of the outstanding stock of the defendant corporation in return for plaintiffs payment of $6,000. Plaintiff agreed to purchase 245 shares for…