holding that an offer to buy stock was impliedly revoked by the offeror’s service of a lawsuit on the offeree
How later courts described this case
- holding that an offer to buy stock was impliedly revoked by the offeror’s service of a lawsuit on the offeree
- “Sand Mountain’s action in suing Wilson regarding his alleged wrongful acquisition of stock and intentional devaluation of stock constitutes a ‘definite action inconsistent with an intention to enter into the proposed contract’ [to purchase Wilson’s stock shares for $25 each]. Thus, Wilson’s power of acceptance was terminated when he was served with the lawsuit.”(citations omitted)
Written by the judges who cited it.
The opinion
THOMPSON, Judge,
concurring in part and dissenting in part.
I believe it is clear that the jury found in favor of Sand Mountain on Wilson’s claim for salary and commission. Therefore, I would affirm the trial court’s judgment as a matter of law on that claim.