124 Iowa 184 | Iowa | 1904
The sale of the stock of merchandise by Oldfield & Hartung to J. Reed & Son was negotiated by the defendant with Dana Reed. According to the written agreement, the purchase price was the cost at wholesale, with one and one-half per cent, added on all goods on which freight had not been prepaid by the consignor; $5,000 to be paid upon the completion of the invoice, and' the balance September 20, 1901. Besides this, Reed & Son paid defendant $350, and this item is the subject of the present controversy; the plaintiff contending it was in part payment of the stock of goods, and the defendant that it was consideration of a subsequent agreement on his part not to engage in business in Rockwell City again. This was the only issue in the case, and, as the cause was heard as in equity, it is triable de novo in this court. Manifestly, Oldfield, after selling the stock,
Again Reed testified that both partners had promised' not to enter business again, but that, as defendant changed! his mind, he refused to make payment until the agreement-was reduced to writing, when Oldfield signed one in 'words-as following: “ It is agreed by E. E. Oldfield as a part of the contract made the 12th day of August, 1901, between-Oldfield and Hartung on the one part and «I. Reed & Son on-the other part that said E. E. Oldfield shall not engage in-the business of a general merchant in Rockwell City, Iowaj. for the term of twenty-five (25) years while said J. Reed &• Son or either of them shall be engaged in such business in-said Rockwell City. This agreement is supplemental to and' a part of the contract of sale of said above date. Bated this;
Judgment should have been rendered' against the defendant for $175, with interest at the rate of six per cent, per annum from August 17, 1901.— Neversed.