Sherwin v. Sternberg

The opinion of the court was delivered by

Minturn, J.

The plaintiff and defendants entered into a written contract whereby they agreed within five days from the date thereof that the defendants would form a corporation to be known as L. Sternberg & Company, in pursuance of which the plaintiff contributed to the defendants, one of whom at least at that time was conducting a department store business in Jersey City, the sum of $1,500, for which the plaintiff was to receive stock and a position in the business.

The defendants failed to form the corporation within the time limited, or at all, and…