LIPSIT V. LEONARD
315 A.2d 25 (1974)
NATURE OF THE CASE: This was a dispute over a promise of ownership in an employment
contract.
FACTS: Lipset (P) was employed in 1961 by Leonard (D) under an agreement that as part of
employment, P would be given an equity interest in the business for past and future
consideration. This agreement was in writing and also given orally and the stock ownership
was to be decided and put into effect by the end of 1964. The agreement called for an equity
arrangement which shall be developed on a mutually acceptable basis. Nothing was done on
that issue until 1968 when a proposal was made to P and P found it unacceptable. P was then
terminated in 1969. P sued under a breach of contract on oral promises and fraud. D moved
for a summary judgment. D motion was granted and P appealed. The Appellate Division affirmed.
ISSUE:
RULE OF LAW:
HOLDING AND DECISION:
LEGAL ANALYSIS:
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