Kassin v. Arc-Mation, Inc

Defendant Oxford Precise Casting, Inc. (OPC) appeals by leave from the dismissal of its appeal to Oakland County Circuit Court from an order granting summary judgment on a $5,000 loan entered in Oakland County District Court.

On October 8, 1975, defendant OPC purchased a majority interest in Arc-Mation, Inc. Paragraph 4 of the contract to purchase reads as follows:

"Purchaser agrees that it is the intention of the parties that all the creditors of Arc-Mation, Inc., will be satisfied by payment or agreed upon compromise between purchaser and respective creditors. In any event, purchaser shall…