Thursday, April 2, 2009
Some of us who teach Contracts also teach Business Associations, so we like to run occasional things of interest to B.A. teachers beyond, of course, Jeremy’s regular limericks.
One of the great casebook staples is McQuade v. Stoneham (1934), a battle over control of the New York Giants baseball team. The case set down the rule that any agreement among shareholders and directors that would bind directors in the exercise of their discretion would be void. Above we see the dramatis personae of the case, Francis X. McQuade, Charles Stoneham, and John J. McGraw in happier days, meeting with other baseball luminaries in November, 1920.
Front row, left to right: McQuade, Harry Frazee (Red Sox), Col. Jacob Ruppert (Yankees), George Grant ;McGraw, and Barney Dreyfuss (Pirates).
Back row: Sam Breadon (Cardinals), Stoneham, L.C. Ruch (Phillies), Bill Veeck (Cubs); Charles Ebbets (Dodgers); Charles Comiskey (White Sox). Contracts folks will recognize that last name, Comiskey, as the guy whose literal approach to contracts conditions has been explored on this site by Keith Rowley.