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Appeal of Edwin J. Schoettle Co.
Supreme Court of Pennsylvania
134 A.2d 908 (1957)
Lester Kardon entered into an agreement with Edwin J. Schoettle Company (Schoettle) (defendant) to purchase Schoettle for $2,100,000. A certain amount of the purchase price was set aside in an escrow account. The agreement stated that the buyer’s obligations were subject to the fulfillment of certain conditions precedent on or before the closing date, including a condition precedent under paragraph 9(a) that the financial condition of Schoettle on the date of purchase, September 17, 1954, would be no less favorable than the condition shown on Schoettle’s financial statement of June 30, 1954. The agreement also contained several representations and warranties, including, under paragraph 5(g), that there had not been any changes in Schoettle’s financial condition other than changes in the ordinary course of business, none of which were materially adverse. Kardon’s successor in interest (buyer) (plaintiff) made a claim against the escrow fund for nearly $70,000, claiming that Schoettle’s financial condition on the date of purchase was less favorable than the condition shown in the financial statement of June 30. Schoettle disputed the claim, and the parties submitted the matter to arbitration. The arbitrator awarded the buyer approximately $3,000, and a judgment was entered accordingly. The buyer appealed.
Rule of Law
Holding and Reasoning (Jones, J.)
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