Lipsit v. Leonard

315 A.2d 25 (1974)

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Nature of the Case

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Facts

Lipset (P) was employed in 1961 by Leonard (D) under an agreement that as part of employment, P would be given an equity interest in the business for past and future consideration. This agreement was in writing and also given orally, and the stock ownership was to be decided and put into effect by the end of 1964. The agreement called for an equity arrangement which shall be developed on a mutually acceptable basis. Nothing was done on that issue until 1968 when a proposal was made to P and P found it unacceptable. P was then terminated in 1969. P sued under a breach of contract on oral promises and fraud. D moved for a summary judgment. D motion was granted and P appealed. The Appellate Division affirmed.