Cline v. Hoyle & Associates Ins., Inc.

BAKES, Justice.

This appeal is taken from the trial court’s judgment which interprets the price term contained in the contract for the purchase of an insurance agency business. The judgment is affirmed.

Appellant, Hoyle, was a commissioned insurance salesman for respondent, Cline. In May, 1979, Cline extended to Hoyle an option to purchase the “book” of insurance accounts for Cline’s Boise office in which Hoyle was employed. The option purchase price was to be 1.75 times the “annual commission income” from July 1, 1978, to June 30, 1979. At the time of executing the option agreement, the…