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Contracts Keyed to Ayres
In re Carter’s Claim
Citation:
390 Pa. 365.Facts
Plaintiff and defendant entered into negotiations to buy the defendant’s company and subsidiaries. On the last day of negotiations the parties entered into a written agreement under which the plaintiff would buy all the stock of defendant and its subsidiaries. Out of the purchase price, a certain amount was set aside in escrow to indemnify the plaintiff against the liabilities of the defendant. The plaintiff has presented a claim under the escrow fund for a $60,000 as a liability of the defendant, claiming that the financial condition on the day of purchase was less favorable than the financial condition in the reflected into the defendant’s latest financial statement. The defendant disputed this claim.
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