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State ex rel. Hayes Oyster Co. v. Keypoint Oyster Co.
Citation:391 P.2d 979 (Wash. 1964).
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- Topic: Identifies the topic of law and where this case fits within your course outline.
- Parties: Identifies the cast of characters involved in the case.
- Procedural Posture & History: Shares the case history with how lower courts have ruled on the matter.
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- Brief Facts: A Synopsis of the Facts of the case.
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- Facts: What are the factual circumstances that gave rise to the civil or criminal case? What is the relationship of the Parties that are involved in the case. Review the Facts of this case here:
Hayes was the CEO, director, and 23 percent shareholder in Coast. Hayes also was a 25 percent shareholder in Hayes Oyster along with his brother Sam (75 percent). Hayes contract with Coast barred him from taking part in any competing business other than his activities with his family business.
In 1960, Hayes suggested that Coast sell its Allyn and Poulsbo oyster beds to raise cash to satisfy its creditors. Engman, a Coast employee, was interested in making the purchase. Thereafter, Hayes began discussions with Engman about how Hayes Oyster may help finance this purchase. Engman formed Keypoint Oyster, and on August 11, 1960, Coast’s Board approved the sale for $250,000. The contract contained a number of complex terms and the purchase price was payable at $25,000 per year with five percent interest over 10 years. On September 1, 1960, Hayes and Engman agreed that Engman would own 50 percent of the shares in Keypoint and Hayes Oyster would own the other half. On October 21, 1960, the Coast’s shareholders approved the sale. Hayes never divulged his conversations with Engman to Coast or Hayes Oyster’s interest in the purchase. In 1961 or 1962, Hayes sold his Coast shares and left his employment with Coast.
- Issue(s): Lists the Questions of Law that are raised by the Facts of the case.
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