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Feldman & Co., a bankrupt Massachusetts corporation, had its entire control and management in the board of directors. D opened an account with the corporation in 1933 and ended up owing the corporation over $1,500. A letter to D in September of 1934 from Albert Feldman, a director of the corporation, offered to forgive the debt for the value of collateral (approximately $775.00) due to D's precarious financial position. Richard Feldman affirmed the offer when approached by D. P, the trustee in bankruptcy of Feldman & Co., sued to recover the balance due.

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