Texas Court Affirms $1M Award In Drill Co.'s Oral Agreement

By Michelle Casady (February 16, 2017, 8:49 PM EST) -- Texas' Fourteenth Court of Appeals on Thursday sided with Dynomax Drilling Tools Inc. in its dispute with Duradril LLC over an oral asset purchase agreement, affirming a lower court's ruling awarding $1 million to Dynomax.

The case stems from a $4 million oral asset purchase agreement between drilling equipment provider Duradril, its owner Greg Ward and drilling motor manufacturer Dynomax. A jury found that Duradril and Ward had breached the agreement by not transferring some of the assets "free and clear" of debt.

Appealing a November 2014 trial court judgment affirming a jury award of $1 million to Dynomax, Duradril argued...

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