134 Ga. 813 | Ga. | 1910
The plaintiff sued the defendant to recover $500 principal and 8 per cent, interest thereon, and in his petition made substantially the. following allegations: Defendant agreed to pay plaintiff, for his 5 shares of stock in the corporation hereinafter named, $500, and to pay Mm interest at the rate of 8 per cent, per annum on such sum from the date of the issue of the stock, and plaintiff was to have one year from July I, 1907, to decide whether or not he would accept “said agreed and proposed sum for his said stock.” As evidence of the agreement a writing was signed by both parties, of which the following is a copy: “This certifies that I Geo. E. Case do agree to pay to J. T. Hardin 8 per cent, interest on Ms $500 shares of Central Marble and Milling Company stock from date of issue of stock to date of purchase of stock, provided said stock does not pay this amount of interest or better; further I do agree to purchase said stock at any time said J. T. Hardin wishes to dispose
1. The petition was not subject to general demurrer.
2. The petition was not subject to demurrer on the ground that “the contract sued on and set out in plaintiff’s petition is unilateral and with [neither] party to the same is under any legal obligation to perform the same;” or on the ground that “the said contract is wanting in mutual covenants and -without any consideration on the part of plaintiff, to do any act beneficial to the defendant or hurtful to himself.”
(a) It being agreed by the plaintiff, in the contract, “that petitioner was to suffer and permit the said Geo. F. Case to control and vote said stock for and after date of said agreement, in all the meetings of the stockholders of the said company, which petitioner agreed to and permitted.” the agreement by the defendant to buy the shares of stock was not originally without consideration.
(b) The contract was not unilateral, and there was no want of mutuality, when the plaintiff, within one year from the time of its execution, offered the defendant the shares of stock and demanded the price the defendant agreed to pay therefor. Brown v. Bowman, 119 Ga. 153 (40 S. E. 440); Sivell v. Hogan, 119 Ga. 167 (46 S. E. 67); McGaw Mfg. Co. v. Felder, 115 Ga. 408, 415 (41 S. E. 664); Perry v. Paschal, 103 Ga. 134 (29 S. E. 703); Morrow v. Southern Express Co., 101 Ga. 810 (28 S. E. 998); Black v. Maddox, 104 Ga. 157 (30 S. E. 723); Huggins V. Southeastern Lime & Oemenl Co., 121 Ga. 311 (48 S. E. 933); Larned v. Wentworth, 114 Ga. 208 (39 S. E. 855); Cooley v. Moss, 123 Ga. 707 (51 S. E. 625).
3. The court committed error in sustaining the demurrer and dismissing the petition. Judgment reversed.