Corporations Keyed to Hamilton
Lee v. Jenkins Bros
Facts
In 1919 the Crane Company sold one of its plants to Respondent. Respondent sought to hire Petitioner, the business manager of the Crane Company. Yardley, the President of Respondent Corporation and a substantial stockholder, met with Petitioner to persuade him to join the company. Also present at the meeting was a vice president and his wife. Petitioner was the only surviving witness to the conversation. He testified that he was offered a pension and promised that at the age of 60 he would receive the pension not to exceed $1500 regardless of his status with the company. This agreement was not recorded in writing. Petitioner accepted the position and eventually became vice president, general manager, and director. After twenty-five years with the company, he was discharged at the age of 55. Petitioner who had started out making $4,000 per year was making $33,000 plus a 10% annual bonus.
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