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GRIMES v. ALTEON, INC.

No. 194, 2001.

804 A.2d 256 (2002)

Charles L. GRIMES and Jane Gillespie Grimes, Plaintiffs Below, Appellants. v. ALTEON INC., Defendant Below, Appellee.

Supreme Court of Delaware.

Decided: July 19, 2002.

Attorney(s) appearing for the Case

David A. Jenkins (argued) and Michele C. Gott of Smith, Katzenstein & Furlow, LLP, Wilmington, Delaware, for the Appellants.

Vernon R. Proctor, Kurt M. Heyman, and Patricia L. Enerio of the Bayard Firm, Wilmington, Delaware; Adam D. Cole (argued), Karen Y. Bitar, and David Neier, of Greenberg Traurig, LLP, New York City, of counsel, for the Appellee.

Before VEASEY, Chief Justice, WALSH, HOLLAND, BERGER and STEELE, Justices, constituting the Court en Banc.

VEASEY, Chief Justice:

The issue in this case is whether an alleged oral promise made to a stockholder by the CEO of a corporation to sell 10% of the corporation's future private stock offering to the stockholder, when coupled with a corresponding oral promise by the stockholder to buy that 10%, is enforceable where there has been no approval of the agreement by the board of directors and the agreement is not memorialized...

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