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Lambert vs. Fox

LEON J. LAMBERT, plaintiff-appellant, vs. T. J. FOX, defendant-appellee.

G.R. No. L-7991 | 1914-01-29

D E C I S I O N


MORELAND, J.:

This is an action brought to recover a penalty prescribed in a contract as punishment for the breach thereof.

Early in 1911 the firm known as John R. Edgar & Co., engaged in the retail book and stationery business, found itself in such condition financially that its creditors, including the plaintiff and the defendant, together with many others, agreed to take over the business, incorporate it and accept stock therein in payment of their respective credits. This was done, the plaintiff and the defendant becoming the two largest stockholders in the new corporation called John R. Edgar & Co., Incorporated. A...