A. C. Frost & Co. v. Coeur D'Alene Mines Corp.

September 10, 1934, respondent, by a written contract, gave to one Boland “the sole and exclusive right and option to purchase the whole or any part” of 1,300,000 shares of its treasury stock at 10 cents per share, payments to be made in installments. He immediately assigned the contract to petitioner, Frost & Company. April 26, 1935, this was modified as to time and amount of payments. May 15, 1935, another modification authorized respondent to sell optioned stock and credit petitioner with the proceeds above 10 cents per share.

Petitioner obtained 165,000 shares and paid therefor $16,500.…