Cohn, Ivers & Co. v. Gross

Defendant appeals from a judgment after trial awarding plaintiff the sum of $1,500, found to be due for an alleged breach of a contract whereby defendant granted plaintiff a “ call ” on 100 shares of stock of the SCM Corporation (SCM) owned by defendant at the time the contract is alleged to have been made. Defendant denied the claim and also pleaded the Statute of Frauds.

Plaintiff is a “ put and call ” broker. It is undisputed, and the testimony indicates, that a “call” (“puts” are not involved herein) is an option or contract giving the holder the right to demand a stated number of shares…