Planning restaurant building on Pomona Boulevard

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Reference no: EM133812460

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Ralph Allen told the Gibsons he was planning a restaurant building on Pomona Boulevard, close to the Bella Vista Hospital. The Gibsons knew a restaurant was being built there and believed it was Allen's. Allen also told them of the hospital's plans to enlarge the cafe he operated there and, as a result, he would supply other hospitals with food. In exchange for a $2,100 loan, Allen promised the Gibsons they would share in the profits of the expanded food business. Allen also gave the Gibsons a security interest in 60 shares of Standard Oil Company stock, in which he retained possession. Allen had previously given a security interest in the 60 shares to a Dr. Thurmond in exchange for a $1,500 loan. Allen had also borrowed money from Fred Harrison and given him a security interest in restaurant equipment he did not own. No part of any loan was repaid by Allen. Did Allen violate any provision of Civil Code section 1572? Explain.

Reference no: EM133812460

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