Opinion
Gen. No. 44,171. (Abstract of Decision.)
Opinion filed April 12, 1948. Rehearing denied April 23, 1948. Released for publication April 23, 1948.
FRAUDS, STATUTE OF, § 67 — insufficiency of stock-purchase contract. Where plaintiff's obligation under an arrangement for buying defendants' stock in family-owned corporations for $68,500 rested upon plaintiff's written acceptance of defendants' proposition transmitted over telephone, and neither this proposition nor any memorandum thereof was ever reduced to writing, signed by defendants, or their agent, the proposition was unenforceable in view of statute of frauds, and plaintiff should not have been granted decree for specific performance (Ill. Rev. Stat. 1945, ch. 121 1/2, par. 4; Jones Ill. Stats. Ann. 121.08).
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.
Reversed. Heard in the first division, first district, this court at the October term, 1947.
Charles Leviton and Jerome H. Leviton, for appellants;
Edward W. Parlee, Edgar A. Jonas and Frederick C. Jonas, for appellee.
Not to be published in full. Opinion filed April 12, 1948; rehearing denied April 23, 1948; released for publication April 23, 1948.