Marvin v. Solventol Chemical Products, Inc.

This is an action for the specific performance of a written contract. The facts are not in dispute. In March, 1940, plaintiff and defendant corporation entered into a contract, the substance of which was that plaintiff agreed to pay the sum of $34,000 in cash to defendant company for $40,000 face value of defendant’s five-year convertible bonds together with option to purchase 190,000 shares of defendant’s authorized, but unissued, capital stock. Defendant refused to perform the agreement.

The agreement contained the following:

“You (defendant corporation) further represent that the board of…