Opinion
Gen. No. 43,539. (Abstract of Decision.)
Opinion filed November 19, 1946 Released for publication December 3, 1946
RESCISSION AND CANCELLATION, § 26 — rescission of contract as warranted by material breach thereof. Where contract provided that defendant would work for corporation in capacity of plant superintendent and general manager for fifteen year period and that one-third of corporate stock would be transferred to defendant for which no cash consideration was paid, defendant's voluntary abandonment of contract without cause less than three years after its commencement constituted material breach of contract which warranted rescission thereof and required surrender or cancellation of stock held by defendant, since continuance of defendant's employment for 15 years so that business could become firmly established was undoubtedly one of principal considerations for transfer of stock to defendant.
See Callaghan's Illinois Digest, same topic and section number.
Appeal from the Circuit Court of Cook county; the Hon. PHILIP J. FINNEGAN, Judge, presiding.
Decree reversed and cause remanded with directions. Heard in the second division, first district, this court at the October term, 1945.
Arthur J. Goldberg, for appellants;
Heth Lister Flynn, for appellee.
ON REHEARING.
Not to be published in full. Opinion filed November 19, 1946; released for publication December 3, 1946.