Klein v. Jamor Purveyors, Inc.
This case involves an appeal concerning the enforceability of an alleged oral modification to a written corporate shareholders' agreement. The original agreement, between Jack Klein (decedent), Michael Jacobson, and Jamor Purveyors, Inc., stipulated a $55,000 buy-out price for a deceased shareholder's stock. The plaintiff, as executrix of Klein's estate, claimed an oral agreement increased this buy-out price to $155,000. Special Term dismissed the claims, asserting the oral modification was barred by the Statute of Frauds and a clause in the original agreement requiring written modifications. The Appellate Court affirmed this decision, ruling that the alleged oral agreement fell within the Statute of Frauds and that the plaintiff's arguments regarding memoranda, partial performance, and equitable estoppel were insufficient to satisfy the statute or overcome its provisions. The court also upheld the interpretation that the agreement's modification clause precluded oral changes.