Young v. Wallace

Leonard A. Young brought suit against Alfred W. Wallace for breach of a guaranty contained in a written contract duly signed by both parties. The trial court, sitting without jury, held the agreement incomplete and ineffectual because it was not executed by Otis & Company, a New York brokerage house, named as third party in the instrument. An appeal was taken from the judgment and the denial of plaintiff’s motion for a new trial.

In 1927, the parties, who were friends, were prominent Detroit executives. Plaintiff was the head of a large manufacturing corporation and defendant was president,…