Plaintiff and the individual defendant entered into an oral agreement in 1993, pursuant to which, in exchange for $50,000, plaintiff was to be provided with 15% of the shares of Frangista, Ltd. Plaintiff never made the required payment, but maintained that, in 1996, the individual defendant waived the $50,000 payment in light of plaintiff's prior and future work at the defendants' restaurant.
Although Business Corporation Law § 503 (b) provides that a subscription...
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