Jackson v. Richard's 5 & 10, Inc.

Jackson, a store manager employed by Richard's 5 & 10, Inc., entered into an oral agreement to purchase two of the company's retail stores and took over operating them as though he were the owner starting January 1, 1975. A written agreement followed on January 30, 1975, but the sale did not close as scheduled on February 18, 1975, because Jackson failed to appear for settlement. The parties then signed a second agreement on February 28, 1975, setting a new settlement date of March 31, 1975 and imposing additional conditions Jackson was to satisfy by March 3, 1975. Jackson did not produce evidence that he had met those conditions, and rent on one of the stores went unpaid. On March 21, 1975, Richard's 5 & 10 seized the stores, sold the merchandise, and recorded a deed to Jackson's house, which had been held as security for the purchase.