Tripp v. Pay 'N Pak Stores, Inc.

The issue is whether an oral stock option is unenforceable because of the statute of frauds.

The following facts were found by the trial *3court and are supported by the evidence: Several companies planned to merge, with the defendant to be the survivor. The defendant wanted plaintiff to leave his employment with another business and to work for the defendant. Two men who became the president and the chairman of the board of the defendant orally agreed with the plaintiff that if he would work for the defendant he would receive an option to buy 1,000 shares of defendant’s stock. The option would…