Scott Washburn v. Bryan Sims and Astounding Party Rentals, Inc.

CourtCourt of Appeals of Texas
DecidedMarch 26, 2009
Docket01-07-00481-CV
StatusPublished

This text of Scott Washburn v. Bryan Sims and Astounding Party Rentals, Inc. (Scott Washburn v. Bryan Sims and Astounding Party Rentals, Inc.) 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
Scott Washburn v. Bryan Sims and Astounding Party Rentals, Inc., (Tex. Ct. App. 2009).

Opinion

Opinion issued March 26, 2009







In The

Court of Appeals

For The

First District of Texas

____________


NO. 01-07-00481-CV


SCOTT WASHBURN, Appellant


V.


BRYAN SIMS AND ASTOUNDING PARTY RENTALS, INC., Appellees





On Appeal from the County Civil Court at Law No. 1

Harris County, Texas

Trial Court Cause No. 858,470




MEMORANDUM OPINION


          Appellant, Scott Washburn, appeals the judgment rendered against him in a suit for a balance due on an open account and unjust enrichment against appellees, Bryan Sims and Astounding Party Rentals, Inc. (APR) and on a counterclaim for breach of contract brought against him by Sims. We determine whether the evidence was legally and factually sufficient to support the jury’s findings that (1) Washburn and Sims had an agreement for Washburn to purchase 51% of APR for $279,795, (2) Sims was excused from performing under an agreement requiring that he repay $20,000 to Washburn in the event that the sale of 51% of APR was not completed by March 15, 2005, and (3) Sims was entitled to $36,000 in damages because of Washburn’s failure to comply with their agreement.

          We reverse the judgment and render judgment in favor of Washburn.

Background

          In 2004, Sims was the owner of APR. In the fall of 2004, he was approached by Washburn, a good friend, regarding the possibility of Washburn’s investing in Sims’s business. APR was struggling due to increased competition, and Sims was eager for an infusion of capital, new marketing ideas, and access to new markets that he thought that Washburn could provide. After several informal meetings, Sims and Washburn agreed to go forward with a deal in which Washburn would purchase 51% of APR. Sims valued 51% of his business at $279,795. On November 2, 2004, Sims and Washburn met with Chris Cammack, an attorney, regarding the intended purchase. Cammack’s invoice for this meeting stated that he met with Sims and Washburn to discuss “their objectives.”

          Following this meeting, the parties had a formal appraisal of the equipment owned by APR conducted, and a report confirming the value of APR’s equipment at $220,030 was faxed to Sims and Washburn on November 12, 2004. On November 16, 2004, Louise Brock, Sims’s mother and business associate, called Cammack to inform him that the appraisal had been received and that Sims and Washburn wanted to close on their buy-sell agreement by Thanksgiving. Two days later, on November 18, 2004, Sims called Cammack regarding the dollar figures that he believed were agreed upon between himself and Washburn and the document that they wanted him to draft. Sims scheduled a meeting with Cammack for November 22, 2004. At the November 22, 2004 meeting, Washburn and Sims both met with Cammack, and Cammack’s invoice reflects that he prepared documents including various corporate documents and a buy-sell agreement between Sims and Washburn.

          Throughout the fall of 2004, Washburn became involved in running the business with Sims and Brock. Washburn had business cards printed, encouraged Sims and Brock to form a new corporation, conducted sales calls, developed and began implementing a new marketing strategy, and conducted other business activities like looking at properties for a new warehouse location. Sims incurred over $8,000 in expenses in October and November as a result of contracting for new yellow pages adds and paying for appraisal fees and attorney’s fees.

          On January 6, 2005, Washburn and Sims received the “Agreement for the Sale of Corporate Assets and Stock” that Cammack had drafted for them. The agreement listed the total purchase price as $279,795, calculated as follows:

        $110,015 for an undivided 50% interest in all items of inventory;

        $44,280 for an undivided 50% interest in all stocked items and prepaid advertising;

        $100,000 for goodwill; and

        $25,500 for acquiring 51%, representing a majority interest.

This document was never signed by both parties. Nevertheless, on January 6, 2005, Washburn paid $5,000 to Sims to be used for the expenses of APR. On January 13, 2005, Washburn paid another $5,000 to Sims to be used for APR.

          On January 18, 2005, Washburn had the appraisers conduct a visual inspection of APR’s equipment and received another report confirming the value of APR’s equipment. Washburn also began seeking more detailed financial information on APR from Brock. On February 3, 2005, Washburn emailed Brock asking for 2004 balance sheets, income statements, accounts payable and receivable, ledgers, spreadsheets, bank statements, outstanding loans to and from Sims, and a “list of all advertising contracts including dates of renewal, pricing, prepaid, etc.” Washburn also sought information on other prepaid items such as insurance, rent, loans, a list of current and past due bills, the estimated sales forecast and current bookings for 2005, and any other information about expenses coming up in 2005 that Brock felt that he should know about. Brock sent a reply email to Washburn on February 4, 2005 and attached the requested information.

          On February 7, 2005, Sims asked Washburn for another $10,000. Washburn faxed him a letter of intent that was dated January 8, 2005. The cover letter sent with the faxed letter of intent stated:

Please sign this Letter of Intent and fax [it] back to me . . . . I’ll wire the $10,000 into your account today when I get it back. Review this purchase agreement in the next few days and lets [sic] plan to finalize it by next week with Jack and the following week with the attorney.

Next to the sentence about the purchase agreement was the notation “sending in a


few minutes.” The letter of intent itself stated:

This letter confirms our intentions with respect to my purchase of 51% of Astounding Party Rentals, Inc.

We envision that the principal terms of the proposed transaction would be substantially as follows:

          a. 51% of all assets and inventory

          b. 51% of all prepaid insurance, advertising, rent, etc.

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