North v. Joseph W. North & Son, Inc.

The opinion of the court was delivered by

White, J.

The plaintiff (respondent) being the owner of a going underwear manufacturing business with a large stock of raw (unmanufactured) material on hand, and many unfilled contracts or accepted orders for the completed product outstanding, entered into an agreement of sale of the business to one Schwartz, who was to form a corporation (the defendant-appellant) to take it over. This agreement, beside providing for the immediate transfer of the plant and for the terms of payment therefor, obligated the vendor1 to sell to the purchaser, at stipulated…