PALG 306 Lecture 17: Notes 11/10
Document Summary
John deere dealership company sold their company to dean and 2 other buyers. Stock purchase agreement between sellers (karen, sheryl, etc) and buyers (3 men) Note and agreement i will give you shares if and when you pay the amount. New agreement made - with englehoff (4 years later) Made annual payments for 4 years and then ran into financial trouble (dean) Maybe he had of business - 115,000 out of 350,000. Tried to sell to englehoff - can do half a stock. Buyer would have to assume payoff or instead of paying buyer they would have to pay the seller. So now dean isn"t paying seller, august is. Look at it from bay - precedent case. Bay rule said: as soon as you promise money it is vested to them. In 1st contract there is no third party beneficiary. Transfer obligation to pay - assign rights, delegate duties. He delegated his obligation to pay to another person.
