Smith v. CROWN FINANCIAL SERV. OF AMERICA

OPINION

In October 1988, Dean Smith and Rachael Smith, doing business as Jane Enterprises (“appellants”), filed a complaint alleging damages in excess of $110,000 for breach of contract and misrepresentation, and for an accounting of sales of a toy product known as the “Zing Ring” or “Groove Tube.” Appellants had executed a “Letter of Intent” with Michael Dooling, the president of Crown Financial Services of America, which in turn was the general partner of the toy manufacturer, Injection Mold Partners, Inc. (collectively referred to as “respondents”). The letter of intent provided that…