Proctor v. Green

OPINION

WARREN, Justice.

This is an appeal by writ of error from a default judgment in a suit to revoke a contract for the sale of several businesses.

Appellant, Gerald R. Proctor, as president of Hickory Hut, Inc., contracted to sell the Corporation’s interest in four barbeque restaurants to appellee, Edward J. Green. The contract provided that in consideration for the sale, Green would transfer certain rubies “with a $625,000.00 GIA appraised value” and would also assume the corporation’s obligations under certain leases and subleases and pay off a $50,000.00 promissory note to a third party.…