Robert & Ardis James Found. v. Meyers

In the late 1990s, Robert James, acting on behalf of the Robert and Ardis James Foundation, agreed to advance more than $650,000 to Daniel Meyers to purchase shares of stock in a fledgling, privately held company that Meyers had cofounded in exchange for a portion of the proceeds of an eventual sale of those shares. The agreement did not discuss the timing of sale. Beginning in 2004, the foundation sought to bring the agreements to a close, but Meyers did not comply. In 2006, the foundation filed a complaint against Meyers seeking specific performance and damages. The superior court concluded that Meyers had committed a breach of the implied covenant of good faith and fair dealing and awarded damages based on a date of breach of July 31, 2006. The Supreme Judicial Court affirmed, holding that the trial court correctly found that Meyers committed a breach of the implied covenant and did not err in setting the date of breach at July 31, 2006. View "Robert & Ardis James Found. v. Meyers" on Justia Law