Banik v. Bishop-Stoddard Cafeteria Co.

5 N.E.2d 868, 288 Ill. App. 174, 1937 Ill. App. LEXIS 524
CourtAppellate Court of Illinois
DecidedJanuary 18, 1937
DocketGen. No. 9,127
StatusPublished
Cited by7 cases

This text of 5 N.E.2d 868 (Banik v. Bishop-Stoddard Cafeteria Co.) is published on Counsel Stack Legal Research, covering Appellate Court of Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Banik v. Bishop-Stoddard Cafeteria Co., 5 N.E.2d 868, 288 Ill. App. 174, 1937 Ill. App. LEXIS 524 (Ill. Ct. App. 1937).

Opinion

Mr. Justice Dove

delivered the opinion of the court.

This is an action brought by W. E. Banik against Bishop-Stoddard Cafeteria Co., Inc., an Iowa corporation, and Cyril Kegler, its president, to recover damages for an* alleged breach of contract. The declaration consisted of the common counts, to which the defendants filed the general issue and two special pleas. One special plea alleged that the several supposed promises set forth in the declaration were not evidenced by any writing signed by the defendants and therefore were within the statute of frauds; the second special plea averred that the supposed promises set forth in the declaration were without any consideration and therefore void. The issues formed by these pleadings were submitted to a jury and at the conclusion of plaintiff’s evidence he, the plaintiff, dismissed Ms suit as to the defendant Kegler; At tMs time and also at the close of all the evidence, the defendant moved for an instructed verdict. Both motions were denied and the jury returned a verdict finding the remaining defendant, Bishop-Stoddard Cafeteria Company, guilty and assessing “the plaintiff’s damages at $758.00 and legal rate of interest from November 8, 1932.” The court denied motions of the defendant, for judgment notwithstanding the verdict, in arrest of judgment and for a new trial, but ordered a remittitur of $350 and interest, which the plaintiff entered and thereupon judgment was rendered in favor of the plaintiff and against the defendant for $408 and costs of sMt, and from that judgment an appeal has been prosecuted to this court.

An examination of the record discloses that at the beginning of the trial it was stipulated by counsel that this suit was instituted to recover $678 damages for breach of an alleged contract, said amount of $678 being the difference between the alleged contract price of 48 shares of the preferred stock and 54 shares of the common stock of the defendant corporation, wMch the plaintiff claims the defendants agreed to purchase, but which they did not purchase, and the actual sale price for which said preferred and common stock was sold by the plaintiff. The stipulation is further that the breach of the alleged contract consisted of the failure of the defendants to accept and pay for the stock in question. The evidence discloses that what is spoken of in the record as a unit of this stock was two shares of preferred stock and one share of common stock. Appellee therefore owned twenty-four units and in addition thirty shares of common stock. On October 26, 1932, appellee was discharged from his position as manager of appellant’s Peoria cafeteria, a position which he had held for some time, and being desirous of selling his stock had a conversation with Kegler on either November 1st or 2nd, 1932. According to appellee’s testimony, Kegler, as a representative of appellant, told him to send his stock in to the company, and that appellant would purchase it at $42 per unit. Kegler does not deny this but further testified that appellant was desirous of maintaining the good will of appellee toward appellant’s cafeteria in Peoria and its offer to purchase appellee’s stock was made with the understanding* that appellee would “maintain his good will toward the Bishop-Stoddard Cafeteria in Peoria.” Appellee denied that as a part of the stock transaction anything was said by either party with reference to appellee not saying or doing anything* detrimental to appellant’s good name and denied that he had started any rumors about why he was discharged or that he had not at all times “maintained his good will toward the cafeteria.” On November 8, 1932, appellee wrote Kegler in which he stated: “Upon thinking* over our conversation in regard to my stock with the BishopStoddard Cafeteria Co., I have decided to turn it in. I feel that I am going to need the money, so as per your agreement will accept the $42.00 per unit. According to my checking I have forty-eight preferred and fifty-four common, how does this check with your records ? How do you want to handle this, do you wish the stock mailed in or handled through the bank here, or wait until you are over here again?” On November 18, 1932, appellant’s president replied to this letter stating that his delay in answering was caused “by various rumors of a very disturbing* nature that we have been investigating before fulfilling our part of the stock bargain.” This letter concluded by stating that the writer would drop appellee a line or see him personally within a couple of weeks and expressing the hope that in the meantime appellee would be successful in relocating himself. Thereafter appellee drew a.sight draft on appellant, to which he attached his certificates of stock and deposited the same in his local bank for collection. Appellant did not accept the draft and it and the accompanying’ certificates of stock were returned to appellee. On November 28, 1932, Kegler, as president of appellant, wrote appellee as follows: “We are not able to understand receiving notice from the bank this morning of a sight draft being received there with your stock attached. I am sure that we had a clear understanding when and how this was to be handled. This idea of forcing the issue in this manner is very vividly a further indication that you do not intend to deal with us fairly and squarely. We have been aboveboard in every move with you in this deal, and no one on earth can say that you were not treated with more than fairness, especially toward one being discharged for incompetency. Your tactics, assuming’ the attitude that they do, of clearly indicating unwillingness to cooperate, has altered our side of the deal considerably. A decision of the Executive Committee this morning carries instructions to me to herewith withdraw our offer to purchase your stock. You may get in touch with Scott McIntyre Co., Merchants National Bank Building, this city, if you desire to dispose of it. It is indeed regrettable to us that our efforts to have a happy parting of the ways has not met with like desire and action on your part. ’ ’

Thereafter and on January 5,1933, appellee sold his stock in the appellant company through N. L. Rogers and Company, brokers of Peoria, Illinois, to Scott, McIntyre and Company of Cedar Rapids, Iowa. The sale was in two lots, one lot consisting of 24 units which .was sold for $25 per unit and the other lot consisting of 30 shares of common stock which was sold for $5 per share, which the proof shows was the best available price at the time the stock was sold. Thereafter, on January 20, 1933, this suit was instituted, the trial being had in April, 1936.

The declaration consisted of the common counts and counsel for appellant insists that such a declaration will not support the judgment. The evidence discloses that this action is brought by the plaintiff to recover damages for a breach of an executory contract. The evidence is that appellant did not receive, accept or pay for any part of the stock and that no part of the alleged contract to purchase the stock was performed, but it remains wholly executory and that appellee instituted the suit to recover damages for breach of such contract. Counsel for appellee state that this is a proceeding to recover the difference between the contract price and the price appellee realized from the sale of his stock upon the market and insist that where the proof shows that one party to a contract has repudiated the contract, the injured party may treat the repudiation as putting an end to the contract for all purposes and sue under the common counts for the profits he would have realized. In support of this proposition, counsel cite Puterbaugh Common Law PI. and Pr.

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Bluebook (online)
5 N.E.2d 868, 288 Ill. App. 174, 1937 Ill. App. LEXIS 524, Counsel Stack Legal Research, https://law.counselstack.com/opinion/banik-v-bishop-stoddard-cafeteria-co-illappct-1937.