Facts

Plaintiff, an owner and operator of a textile printing and silk screening business, sued defendants for breach of contract and common count (book account).

PLAINTIFF'S CONTENTIONS:
Plaintiff contended that David and Goliath Inc. submitted a credit application to plaintiff, requesting that plaintiff provide it with an open line of credit so that defendant could place purchase orders with plaintiff. The application contained the promise by defendant to pay for all purchases in accordance with the terms of the sale, with a personal guaranty of payment by David and Goliath's owner, David Goldman. Plaintiff claimed that defendants failed to make payments for more than six months, accruing arrears in the amount of $217,624.23 plus $43,128.75 in interest. Thus, plaintiff claimed that defendants breached the Application agreement and became indebted to it on an open book account for goods produced and delivered.

Result

The parties settled for $150,000.

Other Information

FILING DATE: Oct. 13, 2015.