Parrot v. G. H. Mansfield & Co.

The plaintiff agreed with the defendant to sell for it five hundred shares of the preferred stock of the defendant corporation for $100 a share. He was to receive therefor a commission of ten per cent on all shares sold before July 1,1927. On May 19,1927, the president of the defendant company, Frank W. Mansfield, asked the plaintiff to release the defendant from the contract and told him if he would do this “the defendant would take fifty thousand ($50,000) dollars life insurance upon the life of the president of the defendant company for the benefit of the said company.” Thereupon the…