Cooper v. Klopfenstein

On February 10, 1965, plaintiffs and defendant, interested in developing certain plots of land, entered into a written contract. The contract provided that plaintiffs were to furnish land, most of which they owned or were in the process of acquiring, and defendant was to furnish the labor and equipment to develop the land. In exchange for the consideration provided, plaintiffs and defendant were to receive shares of stock in the parties’ newly formed corporation. In March of 1966, the contract was modified to enlarge the amount of land to be developed. Defendant was also given a promissory…