Powell v. Old Texas Mining & Oil Co.

332 S.W.2d 398, 1959 Tex. App. LEXIS 1811
CourtCourt of Appeals of Texas
DecidedDecember 7, 1959
DocketNo. 6937
StatusPublished

This text of 332 S.W.2d 398 (Powell v. Old Texas Mining & Oil Co.) is published on Counsel Stack Legal Research, covering Court of Appeals of Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Powell v. Old Texas Mining & Oil Co., 332 S.W.2d 398, 1959 Tex. App. LEXIS 1811 (Tex. Ct. App. 1959).

Opinions

NORTHCUTT, Justice.

Roy Powell originally brought this action against Old Texas Mining & Oil Company to recover $98,000 damages contending that under the terms of certain representations and the two written contracts between them that the company agreed to issue and deliver to him common stock of the company of a reasonable market value of $100,000, but had issued' to him stock of the value of only $2,000 and thereby damaged him in the sum of $98,-000. Under the terms of the original written contract, Roy Powell was selling to the company certain oil properties located in Cooke County, Texas, for the agreed value of $135,000. Said original contract provided the consideration for such properties was 40,000 shares of the common stock of the company of the par value of 10 cents per share; a promissory note for $85,000 payable on or before six months'with interest at the rate of 5 per cent and $50,000 payable from a reservation of 80 per cent of all oil, gas and other minerals. There [400]*400is no question involved in this suit concerning the $85,000 note or the $50,000 to be paid from that part reserved. Appellants contend that the contract of purchase provided that he was to receive as a part of the consideration a $100,000 worth of common stock of defendant, computed at a subsequent public offering price, which public offering was never held. In plaintiff’s first amended petition he alleged in the alternative that the contracts expressly or impliedly obligated the defendant to have a public offering of its stock, or in the alternative that the contracts were ambiguous and the intent of the plaintiff and the defendant was a fact issue for the jury. The trial court originally granted defendants’ motion for summary judgment and overruled plaintiff’s motion for summary judgment.

In the summary judgment dated November 13, 1958, it further provides: “Plf. is hereby given leave to amend.” There was no appeal taken at that time from the summary judgment but thereafter on February 24, 1959, the plaintiff filed his second •amended petition in which he made Blanton W. Burford a party defendant together with Old Texas Mining & Oil Company. On February 28, 1959, both defendants answered plaintiff’s amended petition and ■Old Texas Mining & Oil Company filed a .cross action. We will not mention other pleadings. Thereafter, on March 3, 1959, the case was tried to a jury. At the close ■of the■ plaintiff’s evidence, the defendants moved for an instructed verdict, and, at the end of defendant’s evidence, the plaintiff moved for an- instructed verdict as to the ■cross action of Old Texas Mining & Oil ■ Company. Both requests were granted and the court instructed the jury as follows:

, “Gentlemen of the Jury:
“You are instructed to return your verdict herein in favor of the Defendants, Old Texas Mining & Oil.Company and Blanton W. Burford, against Plaintiff, Roy Powell, as to Plaintiff’s Original Action hereon; and also in favor of Plaintiff, Roy Powell, against Defendants, Old Texas Mining & Oil Company and Blanton W. Burford, as to Defendants’ Cross-Action, and your foreman will sign the verdict below.”

The jury returned to court the following verdict:

“We, the Jury, under the instruction of the Court, return our verdict herein in favor of the Defendants, Old Texas Mining & Oil Company and Blanton W. Burford, against Plaintiff, Roy Powell, as to Plaintiff’s Original Action, and in favor of Plaintiff, Roy Powell, and against Defendants, Old Texas Mining & Oil Company and Blanton W. Bur-ford, as to Defendants’ Cross-Action.”

If it were not for the fact that the trial court in its order sustaining the motions for directed verdict referred to the order granting summary judgment, we doubt that the summary judgment could be considered here since the plaintiff did not perfect his appeal in time from the original granting of the summary judgment. The order overruling appellant’s motion for summary judgment is not an appealable order. When the trial court in its order granting Old Texas Mining & Oil Company’s a summary judgment gave the appellant leave to amend, and the appellant amended and made Burford party dependent and then the case was tried to a jury and instructed verdict given and no appeal was taken from that judgment, the summary judgment was set aside.

The plaintiff, appellant here, presents his appeal solely upon the action of the trial court in granting the summary judgment. The appellant’s three assignments of error are as follows:

“First Point of Error
“The Trial Court erred in granting Defendant’s Motion for Summary Judgment and in overruling Plaintiff’s Motion for Summary Judgment because [401]*401the contract involved herein constitutes an express promise by Defendant, which admittedly was not performed, to have a public offering of its stock and on the basis of such public offering to issue to Plaintiff $100,000.00 worth of stock.
“Second Point of Error
“The Trial Court erred in granting Defendant’s Motion for Summary Judgment and in overruling Plaintiff’s Motion for Summary Judgment because the promises and statements contained in the contract involved herein, when construed in the light of the undisputed evidence, create an implied contract by Defendant, which admittedly was not performed, to have a public offering of its stock.
“Third Point of Error
“The Trial Court erred in granting Defendant’s Motion for Summary Judgment because one part of the contract recites that Plaintiff’s consideration shall be $100,000.00 worth of stock, which another part states that it shall be 40,000 shares of common stock, and this makes the contract ambiguous and creates a quotation of fact as to the intention of the parties.”

The final judgment and instructed verdict does not mention any action taken by the court as to the summary judgment. Should we sustain the assignments of appellant as to the summary judgment, we are of the opinion the final judgment would still be in full force and effect since no appeal and assignments of error are presented as to that final judgment. We cannot hold that the court erred.

We are of the opinion, however, in considering together the two written agreements in question here that the interpretation as to the meaning expressed in the two written agreements will dispose of both the final judgment and the summary judgment. It is stated in the case of Guadalupe-Blanco River Authority v. City of San Antonio, 145 Tex. 611, 200 S.W.2d 989, 996, by the Supreme Court:

“Under the facts heretofore set out, the purchase of the property of SAPSCo by the City and the lease of part thereof — Comal plant — to GBRA constituted a single transaction. It is true the conveyance to the City and the lease to GBRA were evidenced by separate instruments, but these instruments were all executed at the same time as the result of a common understanding to consummate one over-all transaction, and are therefore to be construed together as one contract. Howard v. Davis, 6 Tex. 174; Veal v. Thomason, 138 Tex. 341, 159 S.W.2d 472; American National Bank v. American Loan & Mortgage Co., Tex.Com. App., 228 S.W. 169; Spillman v.

Free access — add to your briefcase to read the full text and ask questions with AI

Related

Veal v. Thomason
159 S.W.2d 472 (Texas Supreme Court, 1942)
Howards v. Davis
6 Tex. 174 (Texas Supreme Court, 1851)
Guadalupe-Blanco River Authority v. City of San Antonio
200 S.W.2d 989 (Texas Supreme Court, 1947)
American Nat. Bank of Houston v. American Loan & Mortgage Co.
228 S.W. 169 (Texas Commission of Appeals, 1921)
Spillman v. Hibler
60 S.W.2d 1103 (Court of Appeals of Texas, 1933)

Cite This Page — Counsel Stack

Bluebook (online)
332 S.W.2d 398, 1959 Tex. App. LEXIS 1811, Counsel Stack Legal Research, https://law.counselstack.com/opinion/powell-v-old-texas-mining-oil-co-texapp-1959.