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Contracts Keyed to Fuller
Beefy Trail, Inc. v. Beefy King International, Inc.
Citation:
348 F. Supp. 799 (M.D. Fla. 1972)Facts
In June 1968, Hugh McCarroll entered into an option agreement with Beefy King International, Inc. (Florida) to purchase a Beefy King restaurant and franchise located in Orlando, Florida. McCarroll, who had extensive business experience including 21 years owning a Ben Franklin store, assigned this option to Beefy Trail, Inc., which then exercised the option and purchased the restaurant and franchise for $50,000. The agreement required that $24,600 of the purchase price was for restaurant equipment, which was already in place at the operating restaurant. McCarroll actively participated in the daily operation of the franchise, overseeing operations, advertising, keeping books, and making business decisions. Later, defendant Francis Veigle, as principal stockholder of Beefy King Florida, formed Beefy King International, Inc. (Delaware), which purchased the stock of Beefy King Florida. Beefy Trail filed suit claiming that the franchise sale constituted an unregistered security and that requiring the purchase of equipment as a condition of the franchise was an illegal tying arrangement.
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