Livingston v. Krown Chemical Manufacturing, Inc.

229 N.W.2d 793 (1975)

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Nature of the Case

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Facts

Marsano, Inc. was engaged in the manufacture and sale of a product called the Beauty Mate Comb. Leonard Marsano and his wife owned 52.5% of the capital stock, and Livingston (P) owned about 47.5%. They all decided to sell their shares and put an ad in the Wall Street Journal. Krown Chemical Manufacturing, Inc. negotiated and signed a contract on December 22, 1967, for the sale of Marsano, Inc. Marsano was to get $31,000 and 2,000 shares of Krown capital stock. Krown agreed to pay P $46,000 for his shares 120 days after January 3, 1968. Krown failed to make that payment and P sued Krown and Marsano (Ds). The trial court found that the sellers had made misrepresentations. Ps were denied specific performance but were awarded $46,000 as damages. The court of appeals affirmed. This appeal resulted.