Lipschultz v. Gregory Electric Co.

The defendant, Gregory Electric Company, was an Illinois corporation engaged in the business of buying and selling electrical equipment in Chicago, Illinois. The plaintiffs, a father and two sons, were engaged in a general brokerage business, buying and selling ferrous and nonferrous scrap metal in the junk business. They were acquainted with Tom Pass, who was the defendant’s general manager. They proposed to him on May 17, 1948, that they could procure at an auction sale to be conducted on May 21, 1948, by the War Assets Administration at Milwaukee, Wisconsin, certain electrical equipment…