Poeppel v. LesterAnnotate this Case
Plaintiff was the owner of a voting interest in Coldwell Banker Lewis-Kirkeby-Hall Real Estate, Inc. (CBLKH). Plaintiff and Defendant entered into a contract under which the parties agreed that Plaintiff would sell Defendant his shares of CBLKH voting stock. On the closing date of the contract, Defendant failed to attend the closing and did not pay the amount agreed upon for Plaintiff's shares. After negotiations between the parties failed, Plaintiff brought suit for breach of contract against Defendant. Defendant raised the defense that his consent to enter into the contract was obtained by fraud. After a trial, the trial court entered judgment against Defendant for $250,000. The Supreme Court reversed and remanded for a new trial, holding (1) the trial court correctly concluded that the contract was clear and unambiguous as to Defendant's receipt of financial documents; but (2) the court erred in barring Defendant's fraudulent inducement evidence under the parole evidence rule.