LaFontaine v. Developers & Builders, Inc.

LARSON, Justice.

In early 1960 Raymond R. DuPre became interested in buying Unique Cleaners, Inc. of Waterloo, Iowa, and obtained an option to purchase seventy-five percent of Unique’s outstanding stock. He approached Andre J. LaFontaine in June of 1960 and offered to exercise this option, employ him as plant manager, and sell him 60 shares of Unique stock.

Upon LaFontaine’s acceptance, DuPre exercised his option and on or about June 20, 1960, LaFontaine commenced his employment and signed an agreement to purchase 60 shares of Unique stock, which agreement was later revised and superseded to…