Principal and agent — Agent — Authority — Sale of business — Corporate assets — Sale of corporate stock — Restrictive covenant.
In a suit for specific performance of a contract to sell to plaintiffs all shares of stock of the corporate defendant, owned by the individual defendants, in which it appeared that the individual defendants by written agreement with a business broker authorized him to sell the license, fixtures, good will and stock of a taproom owned by the corporate defendant, and that the broker contracted with plaintiffs to sell them the entire corporate stock of the corporation, to deliver the corporate records and seal and to provide for the resignation of all officers and directors of the corporation, and further provided that the individual defendants would not engage in the taproom business within a prescribed area for a specified time; it was Held that (1) the broker had no authority to sell the corporate stock owned by the individual defendants or to restrict them from entering the taproom business and (2) plaintiffs were not entitled to specific performance.
OPINION PER CURIAM, December 27, 1951:
We are all of the opinion that President Judge SMITH of the court below adequately and correctly disposes of the questions raised on this appeal.
Judgment affirmed.