The agreement was signed at a corporate party.
A resident of Dallas, Jonathan Kolniak, sued a former employer, James Ballengee, a million dollars after signing a contract with him on a paper napkin, signed during the party.
The essence of the agreement was that Balengi would transfer to Colniac 2% of the shares of his company, which supplies crude oil. The amount of shares was about 9 million dollars.
Balengi and Kolniyak signed a contract in 2015. The name of the company was not indicated on the napkin, but there it was mentioned about 2%, and also the salary of Kolliak was indicated – $ 100 thousand per month. In addition, there was Balenga’s signature. The lawyer of the employee said that by agreement, he had to help prepare the company for sale.
Kolniyak fulfilled his part of the contract and in the same year the company was sold for 820 million dollars. After that, the amount of shares rose to 9.35 million dollars. Later Kolliak agreed with the employer that he would receive $ 2 million. However, by the time of the termination of the work, Kolniyak received only 400 thousand dollars. In March 2017 he went to court.
Balengi and the company insisted that initially there was no contract, and they should not pay anything. This led to a lawsuit.
Protection Balengi argued that the agreement signed on a napkin, was “pointless and incomplete,” and it was signed as a result of “drinking the night.” In addition, the protection of the opinion, the agreement did not specify the name of the company, and this could mean that Kolniak required 2% of the shares of another organization. However, the court granted Kolliak’s demands.