Legal Opinion
Grimes v. Alteon, Inc.
Supreme Court of Delaware
Decided July 19, 2002No. 194, 2001PublishedCited by 29 opinions
1Opinion of the Court
YEASEY, Chief Justice:
The issue in this case is whether an alleged oral promise made to a stockholder by the CEO of a corporation to sell 10% of the corporation’s future private stock offering to the stockholder, when coupled with a corresponding oral promise by the stockholder to buy that 10%, is enforceable where there has been no approval of the agreement by the board of directors and the agreement is not memorialized in a written instrument. The Court of Chancery held that the oral agreement between the stockholder and the CEO is unenforceable. We agree.
We so conclude on several grounds…
2Cases cited12 opinions
- Smith v. Van GorkomSupreme Court of Delaware · 1985
- Unocal Corp. v. Mesa Petroleum Co.Supreme Court of Delaware · 1985
- Moran v. Household International, Inc.Supreme Court of Delaware · 1985
- Staar Surgical Co. v. WaggonerSupreme Court of Delaware · 1991
- Rothschild International Corp. v. Liggett Group Inc.Supreme Court of Delaware · 1984
7 more not listed; retrieve them via the Exa API.
3Cited by29 opinions
- Carsanaro v. Bloodhound Technologies, Inc.Court of Chancery of Delaware · 2013
- The First Marblehead Corp. v. Gregory HouseCourt of Appeals for the First Circuit · 2006
- Applebaum v. Avaya, Inc.Supreme Court of Delaware · 2002
- Mariasch v. Gillette Co.Court of Appeals for the First Circuit · 2008
- Anderson v. DobsonDistrict Court, W.D. North Carolina · 2007
24 more not listed; retrieve them via the Exa API.