Kingston v. Preston King's Bench, Lofft

194, 2 Doug. 689, 99 Eng. Rep. 437 (1773)

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Nature of the Case

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Facts

Kingston (P) covenanted to Preston (D) to serve him for one year and a quarter as a servant in his trade of silk mercer at 200 pounds a year. D covenanted that at the end of the year and a quarter he would give up his business of mercer to P and a nephew of D or some other person nominated by D and give up to them his stock in trade at fair valuation and that between the young traders, deeds of partnership should be executed for fourteen years and from that point forward the young traders would be permitted to carry on their business of their own accord with payment of 250 pounds monthly to D in lieu of moiety of the monthly produce of stock in trade until the value of the stock should be reduced to 4000 pounds. P averred that he had performed and had been ready to perform his covenants and assigned for breach on the party of D in that D refused to give up his business at the end of the year and a quarter. D plead that P did not offer sufficient security for the payment of the 250 pounds.