Jones v. Boardman

The appellant was patentee of a device for the saving of waste yarns in cotton mills, called a “bunch builder,” and he made a contract with T. V. Boardman to> sell the patent rig’hts to Boardman “and associates” for .$25,000, upon the condition that in case a corporation was formed for the manufacture and sale of the device he, Jones, should accept in full payment of his patent rights $10,000 of the $25,000 in money “to be paid to me from fifty (50%) per cent, of the first cash received from the sale of securities of said corporation,” and the remaining" $15,000 of the price of $25,-000 in…