Boaz v. Sampson

HANSON, District Judge.

This is an action on an oral contract.

Beam Industries, Inc. was formed a few years prior to 1960 as a small manufacturing company. The stock was at least largely held by persons residing in Webster City, Iowa. R. L. Sampson was an officer of Beam Industries, Inc.

In 1960, Manor-Vac, Inc. of California was formed. The stockholders included James Canaris, Herbert Aldrich, Irving Loube, and Fred Boaz. Total capital stock paid in was $1,000.00. The corporation secured a loan from Boaz Well Service, Inc. of $50,000.00.

Manor-Vac, Inc. of California received a sales…