Madeline Castellotti was the sole shareholder of Whole Pies, Inc., which owns Jons Pizzeria in New York
Question:
Madeline Castellotti was the sole shareholder of Whole Pies, Inc., which owns Jon’s Pizzeria in New York City. Her other assets included an interest in a real estate partnership, a residence on Staten Island, and bank accounts. When Madeline’s son Peter was going through a divorce, Madeline wanted to prevent his wife from obtaining any of Madeline’s assets. She removed Peter from her will, leaving her daughter Lisa as the sole beneficiary. Lisa orally agreed to transfer half of the assets to Peter after the divorce. In reliance on that promise, Peter agreed to pay the property taxes for the estate. Madeline died and Peter paid the taxes, but Lisa reneged on the deal. Is there a legal theory on which a court might enforce Lisa’s promise?
Step by Step Answer:
Business Law Text And Exercises
ISBN: 9780357717417
10th Edition
Authors: Roger LeRoy Miller, William E. Hollowell