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Full-Text Articles in Law
Corporations - Shareholders - Majority Liability For Improper Stock Redemption By Corporation And For Misrepresentations In Private Stock Purchases From Minority Holders, James M. Tobin
Michigan Law Review
In 1942 a seemingly innocuous suit was brought against the Axton-Fisher Tobacco Corporation to determine the propriety of the alteration of a stock redemption. In 1955 Judge Leahy of the Federal District Court for Delaware handed down an opinion on the damages and relief to be given in the case in what he hopefully termed was the final phase of this famous litigation. It is the purpose of this comment to appraise the basis of the recovery allowed by Judge Leahy. Two readily distinguishable problems will be treated: (1) the nature of relief from a stock redemption called by fiduciaries …
Restitution - Recission - Measure Of Restitution Required Of Rescinding Vendee Of Executed Land Contract, Donald W. Shaffer S.Ed.
Restitution - Recission - Measure Of Restitution Required Of Rescinding Vendee Of Executed Land Contract, Donald W. Shaffer S.Ed.
Michigan Law Review
Plaintiff vendee sought to rescind an executed contract for the sale of an inn, alleging fraud in the inducement. The lower court granted rescission and ordered repayment to the plaintiff of that part of the purchase price already paid over to defendant- vendor, less $2,500, which was found to be the fair or reasonable rental value for the period of the plaintiff's possession. Both parties appealed, defendant claiming a higher rental figure and plaintiff asserting that no rental should be allowed. Held, the plaintiff should be charged rent measured by the value of the benefits which accrued to him …
Restitution - Fraud - Prospective Vendee's Rights Against Broker, Stephen C. Bransdorfer S.Ed.
Restitution - Fraud - Prospective Vendee's Rights Against Broker, Stephen C. Bransdorfer S.Ed.
Michigan Law Review
Defendant was retained as a real estate agent by the vendor. He listed the vendor's eighty acres and buildings for sale. Plaintiff, a prospective purchaser, offered $7,000 for the property. Defendant failed to transmit this offer to the vendor and, instead, fraudulently caused the vendor to convey to two strawmen, as purported purchasers, for $6,500. After the defendant had falsely told the plaintiff that the latter's offer for the whole tract had been rejected, plaintiff purchased seventeen acres, including the buildings, for $6,000, an admittedly fair price. The strawmen conveyed the remaining sixty-three acres to the defendant's son, defendant giving …