Dan Alexander vs. Jay Armentrout, Jr. and Patricia Ruth Armentrout

This appeal arises from a dispute between brothers-in-law over the sale of a partnership interest in a family dairy business. After reaching an oral  agreement regarding the price of the interest to be sold, the buyer tendered $50,000 of the purchase price to the seller and later  presented a promissory note evidencing an obligation for the $61,000 balance of the sale. The seller’s home subsequently burned and the note was destroyed.  A dispute arose between the parties as to the validity of the note and the existence of an agreement. The seller  contends that the note handed to him by the buyer does not contain the true terms of the contract. He argues that his agreement was with the buyers and not with the buyer's corporation. The buyer contends that his corporation is liable on the note and not him personally. A jury found that the note was not accepted by the seller and rendered judgment against the buyer and his wife, rather than against the corporation. In reviewing the trial court’s denial of the buyer’s motion for a directed verdict, the Court of Appeals reversed the jury’s findings and held that the seller accepted the promissory note and was estopped from denying his acceptance. Accordingly, the intermediate court reversed the judgment against the buyer and his wife, finding them not to be personally liable on the promissory note. After a close review of the record, we have concluded that while the Court of Appeals correctly  reversed the judgment against the buyer’s wife, it erred by reversing the jury’s verdict with respect to the buyer personally. We therefore reinstate the jury’s verdict and judgment against the buyer.