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LaFONTAINE v. DEVELOPERS & BUILDERS, INC.

No. 52843.

156 N.W.2d 651 (1968)

Andre J. LaFONTAINE and DeLoma LaFontaine, Appellees, v. DEVELOPERS & BUILDERS, INC., and Unique Cleaners, Inc., and Raymond R. DuPre, Appellants.

Supreme Court of Iowa.

As Modified on Denial of Rehearing April 9, 1968.

Attorney(s) appearing for the Case

Kennedy, Kepford, Kelsen & White, Waterloo, for appellants.

Fulton, Frerichs & Nutting, Waterloo, for appellees.

LARSON, Justice.

In early 1960 Raymond R. DuPre became interested in buying Unique Cleaners, Inc. of Waterloo, Iowa, and obtained an option to purchase seventy-five percent of Unique's outstanding stock. He approached Andre J. LaFontaine in June of 1960 and offered to exercise this option, employ him as plant manager, and sell him 60 shares of Unique stock.

Upon LaFontaine's acceptance, DuPre exercised his option...

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