Alexander v. Soulas

Citations

• 269 Pa. 423
• 112 A. 538
• 1921 Pa. LEXIS 580

Syllabus

<p>Contract — Exchange of corporate securities — Breach—Measure of damages — Damages—Stock transfer stamp — Taking advantage •of own wrong — Act of June It, 1915, P. L. 828.</p> <p>1. In an action for breach of contract of exchange of corporate securities, the measure of damages is the value of the securities defendant agreed to deliver to plaintiff, less the value of the securities pláintiff engaged to deliver to defendant, each being valued as of the date of the breach of the contract by defendant.</p> <p>2. In such case, it is proper for the court to refuse to permit defendant to show the time, circumstances and price at which plaintiff acquired the stock he agreed to transfer to defendant.</p> <p>3. An agreement for the exchange of securities does not require a stock transfer stamp as required by the Act of June 4,1915, P. L. 828, where the contract consists of a written offer, and a verbal acceptance, and there was a breach by defendant of the contract immediately after the verbal acceptance.</p> <p>4. In such case, as defendant failed to carry out his agreement, and by doing so prevented the transfer, he is not in a position to take advantage of his own wrong to defeat plaintiff’s claim for damages.</p>