Clayburg v. Whitt

SNELL, Justice.

This action grows out of sale of the majority of stock in an incorporated grain elevator business. Plaintiff-sellers’ action seeks $60,000 plus interest, as unpaid purchase price on a contract to purchase 85 percent of the stock of Farmers Elevator, Inc., an Iowa corporation, and $10,633 for further breach of the purchase contract in failing to relieve plaintiffs of their obligation as guarantor of corporate obligations. Defendants admitted execution of the instrument but pleaded mutual mistake and misrepresentation as to the assets of the corporation. They asserted no contract…