E.I. Du Pont de Nemours Powder Co. v. Schlottman

Du Pont's president had purchased Grubb's fuse company for $150,000 in Du Pont stock, with a letter promising an additional $25,000 if, after holding the plant for one year, it was determined to be worth $175,000 and Du Pont was manufacturing fuse at specified prices - an arrangement implicitly requiring Du Pont to hold the plant that full year to allow the valuation condition to be tested. Du Pont instead sold the plant after only six months to a buyer who later dismantled it, making the one-year valuation condition impossible to satisfy. Schlottman (plaintiff), as Grubb's assignee, sued Du Pont (defendant), arguing Du Pont's early sale deprived Grubb of the chance to earn the additional $25,000, and sought the difference between the plant's claimed $175,000 value and the $120,000 market value of the stock Grubb actually received.