Jackson v. Layton

Carley, Judge.

Appellant-defendant and appellee-plaintiff entered into a business venture. As a consequence of this agreement, appellee borrowed from a bank approximately $5,000, and invested that amount into the business. Some time later, the parties agreed to terminate the business venture and appellant agreed to buy out appellee’s interest in the business. Appellee testified at trial that he then transferred his stock in the business to appellant in consideration for appellant’s promise to pay appellee $5,000 and to relieve him of all obligations of the business. Appellant, on the other…