Spencer v. McGuffin

— This was an action by the appellee to recover damages for the breach by appellants of an oral *310agreement alleged to have been entered into with the appellee and three other persons, who owned stock in the O. H. Keller Chair Company, to the effect that appellee and the other stockholders should surrender all of the preferred stock ($1,700) and $52,324.54 of the common stock in said company, and that appellee would thereupon subscribe and pay for at its par value $7,675.46 of such common stock, being an amount equal to all of the common stock in said corporation to be retained by the appellee…