The plaintiff, an investment advisor, brought an action against the defendant, a portfolio manager, for $90,000 based on an alleged agreement to buy out the plaintiff's participation rights in a book of business.
The court found that an email exchange between the parties constituted a binding contract, as the essential terms were agreed upon despite the lack of a formal signed document.
The court also found that the plaintiff's subsequent termination did not frustrate the contract.
Alternatively, the court held that the defendant was unjustly enriched by retaining the financial benefits of the book of business without compensating the plaintiff.
The plaintiff was awarded $90,000 plus pre-judgment interest.
