Crane v. Peer
New Jersey Court of Chancery
On pleadings and proofs heard by Henry C. Pitney, Esq., advisory-master. For several years before January 5th, 1885, the defendant had been engaged in the boot and shoe business in a store occupied by him in Montclair, and had established a trade there.
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On pleadings and proofs heard by Henry C. Pitney, Esq., advisory-master. For several years before January 5th, 1885, the defendant had been engaged in the boot and shoe business in a store occupied by him in Montclair, and had established a trade there. On that day the parties entered into an agreement, under seal, by which the defendant agreed to sell, and the complainants to purchase, the defendant’s stock in trade and fixtures at a valuation, and to make payment therefor in a particular manner by or before the 16th day of the same month, under a penalty of $100. The agreement also…
1Opinion of the Court
The Master.
The power and duty of the court, in a proper case, to enjoin-the breach of a covenant in restraint of trade is well settled, and' was not disputed by the defendant.
The defence relied upon in the answer and at the hearing is-two-fold¡
*555First. That the complainants are estopped by what occurred on Eebruary 24th from resorting to equity, and are confined to their remedy at law to recover $500.
Second. That by the true construction of the clause of the agreement in question, the defendant had the right, if he chose, to pay the $500, and to resume business.
Third. And, in case of failing in…
2Cases cited1 opinion
- Gray v. CrosbyNew York Supreme Court · 1820
3Cited by5 opinions
- Silbros, Inc. v. SolomonNew Jersey Court of Chancery · 1947
- Hamilton v. Memorial HospitalNew Jersey Superior Court Appellate Division · 1951
- In Re TatnallNew Jersey Court of Chancery · 1928
- Nolan v. KirchnerNew Jersey Court of Chancery · 1925
- Randolph v. General Investors Co.New Jersey Court of Chancery · 1924