Contracts Keyed to Calamari
Hicks v. Bush
Facts
On July 10, 1956, the Plaintiff, Frederick Hicks (the "Plaintiff"), along with Defendant No. 1, Michael Congero ("Defendant No. 1"), and Jack McGee ("Mr. McGee"), entered into a written agreement with certain other defendants, employees of the Clinton G. Bush Company ("Defendant No. 2"). The parties agreed to combine their various corporate interests into a single holding company. All the parties involved were required to subscribe to the stock of the new holding company within 25 days. If any of the subscriptions were not accepted within the requisite time, the obligations of all the parties were to be terminated. The Plaintiff promptly turned over the stock of his corporations, but Defendant No. 1 and Defendant No. 2 failed to do so. The Plaintiff brought suit alleging breach of contract and requesting an accounting and specific performance. Defendant No. 1 and Defendant No. 2, as an affirmative defense, alleged that the July 10, 1956 agreement was entered into "upon a parol condition". That condition being, no contract was formed until $672,500 in "equity expansion funds" were procured. These funds were never procured. The trial court admitted this oral understanding over the Plaintiff's objection and found that the oral agreement existed. The Plaintiff appealed.
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