(Download) "Utopia Coach Corporation and Poloron" by Court of Appeals of Indiana No. 3-776A175 # eBook PDF Kindle ePub Free
eBook details
- Title: Utopia Coach Corporation and Poloron
- Author : Court of Appeals of Indiana No. 3-776A175
- Release Date : January 21, 1978
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 68 KB
Description
Gary Weatherwax and Poloron Products, Inc. executed a Sales Exchange Contract, through which Weatherwax exchanged his entire interest in Utopia Coach Corporation for Poloron stock. Pursuant to the contract, Weatherwax also executed an Employment Contract with Utopia. Contrary to expectations, Utopia subsequently operated at a loss. Poloron terminated Weatherwax and sold Utopia. Weatherwax brought an action for breach of contract. The trial court awarded him earnings under the Employment Contract in the amount of $24,350.00. In addition, the trial court, without hearing evidence on the issue, found that Weaterwax had received a worthless asset (the Poloron stock) in exchange for his interest in Utopia; the trial court valued the stock and awarded Weatherwax $45,446.63. The trial court awarded Utopia $10,700.00 on its counterclaim. On appeal, appellants Poloron and Utopia seek relief; appellee Weatherwax seeks additional damages. We affirm the judgment awarding Weatherwax $13,650.00 ($24,350.00 set off by the $10,700.00 counterclaim). We reverse the award of $45,446.63 and remand to the trial court for presentation of additional evidence on the value of the Poloron stock.