Mardikian

The complaint alleges the sale of a tractor and bullgrader by respondent to appellant for $10,000, the reasonable value of said equipment, in- November 1956. The appellant’s answer alleges that respondent offered the loan and free use of said equipment to appellant in its uranium mining venture until commercial ore was found by appellant. That if appellant was financially able it would then purchase the equipment from respondent and pay him the fair market value thereof, and that respondent accepted said offer. The tractor had been used by respondent in building a lake on his ranch at St. Helena. The appellant was engaged in mining in New Mexico.

Elizabeth Adoor was the president of the appellant Parador Mining Company, Inc., and also was the secretary and bookkeeper of the respondent George Mardikian. The respondent was a stockholder and director of the appellant at that time. Respondent testified that Mrs. Adoor on several occasions *749 asked him to sell the equipment to the mining company but he refused because he needed it. Finally in November 1956, he acceded to the request and told Mrs. Adoor that the equipment could be picked up at any time at his ranch; that the price…