Appeal from decree of County Court of Philadelphia, Sept. T., 1962, No. 828 C, in case of Cecil M. Felt v. Herbert Hope.
Benjamin A. Katz, for appellant.
D. Arthur Magaziner, with him Mancill, Sterling, Magaziner, Semans and Hedges, for appellee.
Bell, C. J., Musmanno, Jones, Cohen, Eagen, O'Brien and Roberts, JJ. Opinion by Mr. Justice O'Brien.
Appellant commenced an action in equity seeking, inter alia, to enjoin appellee from conducting a real estate business in Philadelphia and for an accounting to establish damages allegedly sustained by appellant.
The action is predicated on a sale by appellee to appellant of a real estate business formerly conducted by appellee. The sale was consummated in July of 1960 and its terms were embodied in the following writing: "Dear Sir: I propose to sell you the furniture, fixtures and good will and equipment of my real estate business located at 5913 N. Broad Street, Philadelphia, not including cash, accounts receivable, automobile, animal heads on walls, for the price of five thousand dollars ($5,000.00) to be paid as follows: $1,000.00 to be paid at the time of acceptance of this agreement, and the balance of $4,000.00 at settlement within 30 days thereafter.
"All sales and pending transactions up to date of closing shall be my property and responsibility.
"I shall be permitted to remain with the office as a broker, devoting such time as I see fit and pay to the office one half of the proceeds of any business which I may produce as long as I am connected with your office. All insurance in the office shall remain my property. However, when you secure your insurance license, all new insurance from that date on shall be considered your property.
"I am permitted to remove animal heads and my personal belongings any time I see fit.
"I have read the above and agree to purchase the real estate business ...