(DOWNLOAD) "Equity Investors, Inc. v. Ammest Group" by Court of Appeals of Kansas * Book PDF Kindle ePub Free

May 02, 2021

eBook details

Title: Equity Investors, Inc. v. Ammest Group
Author : Court of Appeals of Kansas
Release Date : January 15, 1977
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 64 KB

Description

This is an action for specific performance, or alternatively for damages for breach, of a written contract under which the plaintiff corporation agreed to sell all its assets to the defendant corporation in return for shares of defendant's stock. Trial was to the court, which rendered judgment for the defendant on a finding that the defendant's officers had not been properly authorized by its board of directors to execute the contract on its behalf. The deficiency found was that only three of the defendant's six directors voted to authorize the contract, two voted against the contract, while one abstained. Plaintiff has appealed, contending that the vote was sufficient to authorize the contract, and that even if it was not defendant ratified the vote, clothed its officers with apparent authority to execute the contract, and is estopped to deny its validity.