Burton, Parsons & Co. v. Parsons

LAWS, Chief Judge.

On September 28, 1949, John H. Burton, Katherine H. Burton, J. Fred Parsons and Catharine B. Parsons, owners of the stock of Burton, Parsons & Co., a District of Columbia corporation, contracted to sell their business for $400,000 to J. S. Tyree, Chemist, Inc., who shortly thereafter organized a Delaware corporation, Burton, Parsons & Co., Inc., to carry on the business. Among the provisions of the contract was one providing that Frederick Burton Parsons, son of J. Fred and Catharine B. Parsons, who for some time previously had been employed by Burton, Parsons & Co., the…