Appeal from order of Court of Common Pleas of Montgomery County, Aug. T., 1970, No. 70-10546, in re International Equity Corporation v. Pepper and Tanner, Inc.
John M. Demcisak, with him Feldman & Feldman, for appellant.
Steven A. Arbittier, with him Wolf, Block, Schorr and Solis-Cohen, for appellee.
Wright, P. J., Watkins, Jacobs, Hoffman, Spaulding, Cercone, and Packel, JJ. Opinion by Spaulding, J.
[ 222 Pa. Super. Page 119]
This is an appeal from an order of the Court of Common Pleas of Montgomery County dismissing appellant corporation's petition to open a judgment of
[ 222 Pa. Super. Page 120]
$119,134.51 confessed against appellant on August 21, 1970.*fn1
In 1968, appellant (Pepper), a multi-million dollar business, the largest broker of radio and television advertising and programming time in the United States, sought to diversify by purchasing a line of men's toiletries produced by appellee (I.E.C.). After negotiations between top corporate officers and counsel, an agreement of sale was executed on July 29, 1968. President Judge Groshens of the court below ably summarizes the significant terms of the agreement as follows:
"1. Sale of Inventory. In essence, I.E.C. agreed to sell to Pepper its inventory of merchandise, packaging, and promotional materials.
"2. Sale of Trademarks. I.E.C. agreed to sell to Pepper 'all right, title, and interest' of I.E.C. in certain trademarks. The United States Trademark registrations enumerated were 'Mark II,' 'Inferno,' and 'Rogue'. In addition the agreement refers to the trademark 'British Rogue', for which no application for registration had been filed, and the trademark '400 XL' on which an application was pending.
"3. Quality of the Purchase. With respect to the quality of the inventory sold, Paragraph 10 of the agreement provides as follows: 'Promptly after the execution of this agreement representatives of the parties shall make a physical count of the inventory of merchandise, packaging and promotional material to be sold hereunder and shall determine the cost thereof as provided in ...