Uhl v. Fox

The contract in question expressly recognizes the plaintiffs purchase of 153 shares of stock in the Sam Fox Sheet Metal Company and a 10% subordinated note with a face amount of $10,000. By the terms of the contract, the defendants agreed that within 120 days after written demand from the plaintiff, they would repurchase the stock and the note. The contract contains provision for determining the purchase price -- the note to be purchased for its face value plus accrued interest to the date of payment and the stock to be purchased at its book value as of the last quarterly statement date preceding the giving of written notice. Alleging that he gave notice and that the 120 day waiting period had expired without the defendants performing, the plaintiff prayed for specific performance of the contract.