ÿWPC^ i# ÎUNÙ %' 0(-U <Uw@‘4ÑåUDô 0³8 0DëÆ/ õ 0Jý 0TG 0^› 0hù 0ra 0|Ó 0†O 0Õ 1ue U,Ú 0dU,jU>–B)ÔDCý AM@U* D3·.êq>‰v~ÇvÓE B 0@5 0Du AO¹Æ 0DÎ D/ BA˜HP LaserJet 4Si/4SiMX PS 600dpiPSCRIPTÀÌÀääÀÀÌ0 (ÈhH  Z ‹6Times New Roman RegularX($¡¡-šBu Z‹$Arrus BT Roman !E"#E$%E&'U(î)Ó€5yJÚ 3|x58 ±ZŠ,Century-WP Regular(c(2K1$¤¤Ý ƒ!ÝÝ  ÝÒ°ÒÒ„°ÒÔ€XDUXXXÔÓ  Óà ` àòòÚ  Ú0Ú  Úóó(#Ã$òòÚ  Ú0Ú  ÚóóLevel 1Level 2Level 3Level 4Level 52 ÿÿ0Indent1Ô2ÔÔ3  Ô2" ÿÿ0Indent2à0 àÔ2ÔÔ3  Ô2, ÿÿ0Indent3à0 àà0 àÔ2ÔÔ3  Ô26 ÿÿ0Indent4à0 àà0 àà0 àÔ2ÔÔ3  Ô2@ ÿÿ0Indent5à0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2J ÿÿ0Indent6à0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2T ÿÿ0Indent7à0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô2^ ÿÿ0Indent8à0 àà0 àà0 àà0 àà0 àà0 àà0 àÔ2ÔÔ3  Ô ÿÿ?AGMSYaioIndent0I.A.1.a.(1)(a)i)a)< Œ 9p`(ModernP ÿÿ8Mac DefaultMac DefaultÓ ` °šXÓ< Œ 9p`(Monaco< Œ 9p`(&Times New Roman% Line 7 d&&&&7Border 1ddeX'Cþÿ << Gÿÿ< Œ 9p`(ArialKKKK'ÿÿdxd $Ý ƒ!ÝÑ  ÑÑ#€d#ÑÔ€ÔÔ€%ÔÝ  ÝÔ€)ÔÔ€)ÔÓ  ÓÔ YYY ÔFILEDÔ€)XÔÌÌò òAugust€15,€1996ÌÌCecil€Crowson,€Jr.ÌÔ€)ôÔAppellate€Court€Clerkó ó gÝ ƒ!ÝÑ#€d#ÑÔ€ÔÔ€%ÔÝ  ÝÝ ƒ $ÝÒ  ÒÒ „ ÒÔ€ÔÓ  Óà àòòÚ  ÚÚ  ÚóóÝ  ÝThe€lease€agreement€at€issue€in€this€case€involves€an€officeÏspace€in€the€Clark€Tower€located€at€5100€Poplar€Avenue,€Memphis,ÏTennessee.Ì 4Ý ƒ!ÝÑ#€d#ÑÔ€ÔÔ€%ÔÝ  ÝÝ ƒ $ÝÒ  ÒÒ „ ÒÔ€ÔÓ  Óà àòòÚ  ÚÚ  ÚóóÝ  ÝThereÔ€ Ô€is€nothing€in€the€Ô€Ôrecord€by€way€of€signature€cards,€accountÏhistories,€account€statements,€or€other€bank€records€which€would€showÏthat€the€checks€listing€Poplar€Pike,€Inc.,€as€the€drawer€were€in€factÏchecks€drawn€on€or€debited€against€the€account€of€the€DelawareÏcorporation,€Poplar€Pike,€Inc.ÌPtPtHHÚ(ÿáÿâùFG(üHHØ(d'`Styl{WP}01•ÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃÃà Ãà Ãà Ãà Ãà ÃÃÃÃÃÃÃÃÃÃÃÐ ÐÐHHÐÐ  ÐÐ2ÐÐÿÿ¸æ$ÿÐÐHHÐÐÐÐÐÐÐÐ  ÐÐ ÐÐ ÐÑÑÑGenevaÑÑ ÑÑ € ÑÑ<Px–ÈÑÒÒÒ443!#4ÒÒ$ *$ÒÒ$*$ÒÒ ÿKK ÒÒ  Geneva ÒÒ  Geneva ÒÓ.,ÓÓÓÓ6ÓÓ ÓßßßßßßßßßßßßßßßßßßÑMonacoÑÑ ÑÒ  BA Op Monaco ÒÒ  BA Op Monaco Ò d("ÿÿ$££Ò  ÒÒ  Ò(3¯$¢¢Ý ƒ!ÝÝ  ÝeXfgCþÿ<< CÿÿƒLevel 1Level 2Level 3Level 4Level 5($$””ò òÚ  Ú1Ú  Úó óhh'÷ÿ dxdüÿP PdÝ ƒ!ÝÔ . ÔÔ€ÔÓ&€$$X„d&ÓÑ#€$$Xd#ÑÔ€%ÔÝ  ÝÑ7€ÕRXXdìdÈ7ÑÑ  ÑÔ€ÔÓ  ÓÑ  ÑÑ\R AØ'\ÑÒ  ÒÒ „ Òà@ àIN€THE€COURT€OF€APPEALS€OF€TENNESSEEÌà@ àWESTERN€SECTION€AT€JACKSONÌà àà à€€Ï________________________________________________ÌÌò òEQUITEC€REAL€ESTATEÌINVESTORS€FUND€XII,€ó óÌÌà àPlaintiff„Appellee,€Ìà àà àà àà àà àà àà àShelby€Equity€No.€99398„3ÌVs.à àà àà àà àà àà àà àC.A.€No.€02A01„9506„CH„00127ÌÙ€eÙÙ€eÙßL€(+';+'h|q` ¤ `€€LßÌò òPOPLAR€PIKE,€INC.,€Ì(a/k/a€WINCOR,€INC.),ÌJOHN€E.€GOODWIN€andÌCHARLES€EUGENE€GOODWIN,€ó óÌÌà àDefendants„Appellants.Ì___________________________________________________________________________ÌÌà@ àFROM€THE€CHANCERY€COURT€OF€SHELBY€COUNTYÌÌà@ àTHE€HONORABLE€CHARLES€O.€MCPHERSON,€SpecialÌà@ àChancellor€Sitting€by€DesignationÌÌÌÌà@ àJerome€A.€Broadhurst,€Harkavy,€Shainberg,€Kosten€&€PinsteinÌà@ àof€Memphis,€For€Plaintiff„AppelleeÌÌà@ àDonald€W.€Pemberton€of€Memphis€for€Defendants„AppellantsÌÌÌÌÌà@ àò òòòAFFIRMED€IN€PART,€VACATED€IN€PART€AND€REMANDEDÌÌà@ àó óóóOpinion€filed:ÌÌÌÌÌÌà àà àà àà àà àà àà àà àò òW.€FRANK€CRAWFORD,Ìà àà àà àà àà àà àà àà àPRESIDING€JUDGE,€W.S.ÌÌÌCONCUR:ÌÌALAN€E.€HIGHERS,€JUDGEÌÌHOLLY€KIRBY€LILLARD,€JUDGEó óÌÌÌÑ7€ÕRXXdìXXdì7ÑÑ  ÑÓÓ›à àThis€appeal€involves€a€suit€seeking€damages€based€upon€a€leaseÏagreement€and€a€guaranty€of€that€lease€agreement.€€Defendants,€PoplarÏPike,€Inc.,€and€Charles€Eugene€Goodwin,€appeal€from€the€judgment€of€theÏchancery€court€awarding€€money€damages€against€them€to€plaintiffÏEquitec€Real€Estate€Investment€Fund€XII€(Equitec).€€à àThe€leaseÏagreement€in€question€is€dated€January€23,€1988,€and€on€its€face€isÏbetween€Equitec€Investors€Fund,€XII,€lessor,€and€Poplar€Pike,€Inc.,Ïlessee.€€The€ultimate€question€in€this€appeal€is€whether€the€namedÏlessee,€Poplar€Pike,€Inc.,€is€the€Delaware€corporation,€Poplar€Pike,€Inc.,Ïor€a€Tennessee€corporation€chartered€as€Poplar€Pike€Co.,€Inc.€€OnÍJanuary€23,€1988,€Equitec€and€Poplar€Pike€also€executed€a€letterÏagreement€as€a€part€of€the€lease€agreement.€€The€letter€provides:ÌÓÓà8 àà8 àIn€reference€to€the€lease€dated€January€23,Ï1988,€between€Equitec€Real€Estate€InvestorsÏFund€XII,€Lessor,€and€Poplar€Pike,€Inc.,€Lessee,Ïfor€the€premises€described€as€5100€PoplarÏAvenue,€Suite€170,€Memphis,€Tennessee,€38137.ÌÌà8 àà8 àLessor€hereby€grants€Lessee€occupancy€of€saidÏpremises€for€a€period€of€five€(5)€months€at€fullÏrental€abatement,€with€the€first€two€(2)€monthsÏcommencing€on€February€1,€1990,€and€endingÏMarch€31,€1990,€the€second€two€monthsÏcommencing€on€February€1,€1991,€and€ending€onÏMarch€31,€1991,€and€the€last€month€commencingÏon€February€1,€1992,€and€ending€on€February€29,Ï1992.ÌÌà8 àà8 àIn€addition€to€the€above€rental€abatement,ÏLessor€agrees€to€provide€Lessee€with€ONEÏHUNDRED€THOUSAND€AND€00/100€DOLLARSÏ($100,000.00)€to€prepay€existing€rent€liabilityÏat€6750€Poplar€Avenue.ÌÌà8 àà8 àSaid€rental€abatement€shall€not€constitute€aÏwaiver€of€any€other€lease€term,€covenant,€orÏcondition.€€Should€Lessee€default€during€the€termÏof€this€lease,€the€said€rental€abatement€andÏmonies€provided€shall€become€due€and€payable.ÌÌà8 àà8 àThis€document€is€not€an€offer€to€lease€untilÏexecuted€by€Lessor.€€This€letter€shall€beÏattached€to€and€become€a€part€of€the€lease.ÌÌà8 àà8 àAgreed€to€this€23rd€day€of€January,€1988.ÌÌà àBoth€the€original€lease€agreement€and€the€letter€agreement€wereÏsigned:€à8 àà8 àÌÌà8 àà8 àPOPLAR€PIKE,€INC.ÌÌÌà àà àBy:€òò/s/óó____________________________Ì€à àà à€€€€€€€€€John€E.€GoodwinÌà àà à€€€€€€€€€PresidentÌÌÓÓà àBy€instrument€dated€January€27,€1988,€defendant€Charles€EugeneÏGoodwin€signed€a€guaranty€of€the€lease€which€guaranteed€ð ðtheÏobligation€for€the€payment€of€rent€and€other€sums€due€to€LessorÏthereunder.ðð€€The€guaranty,€in€part,€pertinent€to€the€liability€ofÏdefendant€Goodwin,€provides:ÌÓÓà8 àà8 à7.€€Notwithstanding€any€provision€hereof€to€theÏcontrary,€Guarantorððs€obligation€to€the€LessorÏshall€be€in€the€amount€of€ONE€HUNDREDÏTHOUSAND€AND€00/100€DOLLARS€($100,000.00).€ÏThis€amount€shall€be€reduced€each€year€on€theÏanniversary€date€of€the€Leaseððs€start€date€byÏTWENTY€THOUSAND€AND€00/100€DOLLARSÏ($20,000.00).ÌÓÓÌà àIn€April€of€1990,€the€lessee€stopped€making€rent€payments€andÏdefaulted€under€the€lease€agreement.€€On€November€28,€1990,€plaintiff„appellee€Equitec€filed€a€complaint€against€defendants„appellantsÏPoplar€Pike,€Inc.,€John€E.€Goodwin,€and€Charles€Eugene€Goodwin,€seekingÏjudgment€against€John€E.€Goodwin,€jointly€and€severally€with€PoplarÏPike,€Inc.,€and€against€Charles€Eugene€Goodwin€as€a€guarantor€of€theÏlease,€together€with€reasonable€attorney€fees€and€costs€of€collection.€ÏThe€defendantsðð€answer€denies€the€material€allegations€of€theÏcomplaint,€and€alleges€that,€irrespective€of€the€ð ðtypographical€errorððÏon€the€lease,€€Equitec€employees€knew€that€they€were€dealing€withÏPoplar€Pike€Co.,€Inc.,€rather€than€Poplar€Pike,€Inc.,€a€DelawareÏcorporation.Ìà àAt€trial€the€defendants€stated€that€the€only€issue€for€review€wasÏwhether€the€lease€agreement€should€be€reformed€to€reflect€Poplar€PikeÏCo.,€Inc.,€as€the€lessee.€€The€defendants€also€stipulated€that€a€judgmentÏfor€the€full€amount€of€plaintiffððs€damages€may€be€entered€againstÏPoplar€Pike€Co.,€Inc.Ìà àAt€the€close€of€plaintiffððs€proof,€judgment€was€entered€forÏdefendant€John€E.€Goodwin,€and€at€the€conclusion€of€all€the€proof€in€theÏnonjury€trial,€the€trial€court€found€that€there€was€not€sufficientÏevidence€of€mistake€or€fraud€to€support€reformation€of€the€contract.€ÍThe€judgment€states€in€pertinent€part:ÌÓÓà8 àà8 àIT€IS,€THEREFORE,€ORDERED,€ADJUDGED€ANDÏDECREED€that€judgment€be€entered€in€favor€ofÏthe€plaintiff,€Equitec€Real€Estate€Investors€FundÏXII,€against€defendant,€Poplar€Pike,€Inc.€(a/k/aÏWincor,€Inc.),€a€Delaware€corporation,€asÏfollows:ÌÌà8 àà8 à1.€€Judgment€is€hereby€awarded€to€plaintiffÏagainst€said€defendant€for€rent€payable€underÏthe€Lease€in€the€amount€of€Sixty„One€ThousandÏEight€Hundred€Fifty„Nine€and€35/100Ï($61,859.35)€Dollars.ÌÌà8 àà8 à2.€€Judgment€is€hereby€awarded€to€plaintiffÏagainst€said€defendant€for€pre„judgmentÏinterest€on€the€$61,859.35€in€rent€payable€asÏreferenced€above,€with€such€interest€calculatedÏat€the€ð ðformula€rateðð€of€interest,€as€provided€byÏstatute,€from€April€1,€1990,€when€the€rent€underÏthe€Lease€became€due€and€payable,€through€andÏincluding€the€€date€of€entry€of€this€Judgment;Ïsaid€interest€amounts€to€Twenty„Eight€ThousandÏEight€Hundred€Four€and€no/100€($28,804.00)ÏDollars€as€of€May€5,€1994,€and€shall€increase€byÏEighteen€and€22/100€($18.22)€Dollars€per€dayÏfrom€May€5,€1994€to€and€including€the€date€thatÏJudgment€is€entered€with€the€Clerk€of€theÏChancery€Court.ÌÌà8 àà8 à3.€€Judgment€is€hereby€awarded€to€plaintiffÏagainst€said€defendant€in€the€amount€of€thirty„three€(33%)€percent€of€€said€judgments€for€rentÏand€interest,€representing€plaintiffððs€reasonableÏattorney€fees€and€costs€of€collection,€in€theÍamount€of€Twenty„Five€Thousand€and€no/100Ï($25,000.00)€Dollars,€all€as€provided€for€underÏthe€Lease.ÌÌà8 àà8 àIT€IS€FURTHER€ORDERED,€ADJUDGED€AND€DECREEDÏthat€judgment€is€awarded€to€plaintiff€againstÏdefendant,€Charles€Eugene€Goodwin,€for€SixtyÏThousand€and€no/100€($60,000.00)€Dollars,€plusÏtwenty„five€(25%)€percent€thereof,€that€isÏFifteen€Thousand€and€no/100€($15,000.00)ÏDollars,€for€plaintiffððs€reasonable€attorney€feesÏin€connection€therewith,€as€provided€for€in€theÏGuaranty€Agreement,€dated€January€27,€1988,€asÏexecuted€by€Charles€Eugene€Goodwin,Ïguarantying€defendantððs,€Poplar€Pike€Inc.,Ïpayment€obligation€under€these€Lease€withÏrespect€to€the€One€Hundred€Thousand€and€no/100Ï($100,000.00)€Dollars€advanced€to€defendant,ÏPoplar€Pike,€Inc.,€in€connection€with€the€Lease;Ïsaid€judgment€is€separate€from€and€not€a€part€ofÏthe€judgment€for€rent€awarded€to€plaintiffÏagainst€defendant,€Poplar€Pike,€Inc.€(a/k/aÏWincor,€Inc.),€as€set€forth€above.ÌÌà8 àà8 àIT€IS€ALSO€ORDERED,€ADJUDGED€AND€DECREEDÏthat€judgment€be€entered€in€favor€of€defendant,ÏJohn€E.€Goodwin,€as€to€all€claims€by€plaintiff€inÏthis€cause€and€that€this€cause€as€to€John€E.ÏGoodwin€is€hereby€dismissed€and€he€isÏdischarged€from€any€and€all€liability€which€couldÏpossibly€accrue€from€the€allegations€containedÏin€the€Complaint€filed€by€plaintiff€in€this€cause.ÌÌà8 àà8 àIT€IS€ALSO€FURTHER€ORDERED,€ADJUDGED€ANDÏDECREED€that€judgment€is€hereby€entered€inÏfavor€of€defendant,€Poplar€Pike,€Inc.€(a/k/aÍWincor,€Inc.),€on€plaintiffððs€claim€for€the€returnÏof€Twenty„Four€Thousand€and€no/100Ï($24,000.00)€Dollars€in€rent€abatement€claimedÏby€plaintiff€to€be€repayable€to€plaintiff€by€saidÏdefendant€under€the€Lease.ÌÌÓÓÔ€ Ôà àÔ€ÔDefendants€Poplar€Pike,€Inc.,€and€Charles€E.€Goodwin€have€appealedÏand€present€the€following€issues€for€our€review:ÌÓÓÔ€%Ôà8 àà8 àÔ€ÔI.€€Whether€a€Delaware€corporation€known€asÏPoplar€Pike,€Inc.€which€was€not€incorporated€orÏin€existence€at€the€time€of€the€execution€of€theÏlease€agreement€which€reflected€its€name€asÏlessee€may€be€held€liable€on€the€lease€absentÏproof€of€adoption,€ratification,€performance€orÏacknowledgment€of€the€lease€afterÏincorporation.ÌÌà8 àà8 àII.€€Whether€the€proof€in€the€record€supports€theÏfinding€of€the€trial€court€that€defendants€failedÏto€establish€by€clear,€cogent€and€convincingÏevidence€the€intended€corporation€to€be€theÏlessee€pursuant€to€the€lease;€as€well€as€aÏfinding€that€all€parties€knew€with€whom€theyÏwere€dealing€and€who€was€to€be€the€corporateÏentity€on€the€lease€and€therefore€there€was€noÏbasis€for€a€reformation€of€the€lease€to€properlyÏreflect€the€parties.ÌÌà8 àà8 àIII.€€Whether€the€proof€in€the€record€supports€theÏfinding€of€the€trial€court€that€the€personalÏguaranty€of€defendant„appellant,€Charles€EugeneÏGoodwin,€was€exclusively€related€to€theÏadvancement€of€funds€by€plaintiff„appellee€forÏthe€purchase€of€an€existing€lease€obligation€andÍseparate€and€apart€from€any€issue€of€liability€onÏthe€lease.ÌÌà8 àà8 àIV.€€Whether€the€personal€guaranty€of€defendant„appellant€Charles€Eugene€Goodwin€expired€by€itsÏterms€on€January€23,€1993.ÌÌà8 àà8 àV.€€Whether€the€trial€court€erred€in€changing€theÏstyle€and€heading€of€this€case.ÌÌÓÓà àThe€plaintiff„appellee€presents€the€following€three€issues€for€ourÏreview:ÌÓÓà8 àà8 àI.€€Whether€the€trial€court€erred€in€reducing€toÏ$61,859.35€defendant€Poplar€Pike,€Inc.ððsÏliability€under€the€lease€agreement€datedÏJanuary€23,€1988€and€signed€by€plaintiff„appellee€on€January€28,€1988€(the€ð ðClark€TowerÏLeaseðð),€from€the€$233,789.99€claimed€byÏplaintiff„appellee€at€trial€as€being€the€amountÏdue€and€payable€as€a€result€of€lesseeððs€defaultÏunder€the€lease,€when€said€damage€amount€wasÏnot€disputed€by€defendant„appellant,€andÏplaintiff„appellee€was€denied€the€opportunity€byÏthe€trial€court€to€introduce€at€trial€any€proofÏother€than€proof€related€to€the€original€or€initialÏlease€negotiations€between€the€parties.ÌÌà8 àà8 àII.€€Whether€the€trial€court€erred€in€excludingÏfrom€the€judgment€entered€in€plaintiff„appelleeððs€favor€against€Poplar€Pike,€Inc.,Ïliability€for€the€$100,000„cash„advance€toÏPoplar€Pike,€Inc.€under€the€Clark€Tower€Lease.ÌÌà8 àà8 àIII.€€Whether€the€trial€court€erred€in€enteringÍjudgment€for€defendant„appellants€with€regardÏto€the€$24,090„rent„abatement€granted€toÏPoplar€Pike,€Inc.,€under€the€Clark€Tower€Lease.ÌÌÑ7€.€XXdðXXdð7ÑÑ  ÑÓÓà àPlaintiffððs€proof,€in€addition€to€the€exhibits,€consists€of€theÏtestimony€of€three€witnesses.€€G.€Kirby€Ross,€Equitecððs€former€directorÏof€real€estate,€testified€by€deposition.€€He€testified€that€John€GoodwinÏtold€him€that€the€lease€would€be€with€Poplar€Pike,€Inc.,€rather€thanÏPoplar€Pike€Co.,€Inc.€€We€quote€from€the€record:ÌÓÓà8 àà8 àQ.€€Who€furnished€you€and€Equitec€the€nameÏPoplar€Pike,€Inc?ÌÌà8 àà8 àA.€€John€did.€€John€Goodwin.ÌÌà8 àà8 àQ.€€Goodwin.€Do€you€understand€why€he€had€thatÏparticular€name?€€What€was€the€background€toÏthat?ÌÌà8 àà8 àA.€€Well,€the€only€background€that€Iððm€„„€that€IððmÏclear€on€is€that€in€the€early€proceedings€of€thisÏdiscussion€or€this€negotiation,€we€were€awareÏthat€they€were€wanting€to€leave€their€„„€theirÏoffice€space€that€they€were€currently€in,€IÏbelieve,€with€Vantage€Company,€because€of€someÏchanges€in€their€structure€of€how€they€wereÏdoing€business€and€the€amount€of€business€theyÏwere€doing.ÌÌà8 àà8 àAnd€we€were€informed€that€they€were€going€toÏchange€their€name€in€the€new€location.€€That€wasÏ„„€that€was€important€to€us€because€we€didnððtÏwant€to€have€to€worry€about€other€vendors€orÏcreditors€muddying€up€the€water,€so€to€speak.€€ÌÌà8 àà8 àAnd€we€agreed€„„€we€understood€that€PoplarÏPike,€Inc.€would€be€the€new€entity€that€theÏnegotiations€would€be€under.€€And€that€was€oneÏof€the€reasons€for€„„€and€because€it€was€a€newÏentity,€so€to€speak€„„€thatððs€one€of€the€reasonsÏwhy€we€requested€the€$100,000€from€Gene€toÏcover€our€buyout€exposure.ÌÌÓÓà àMr.€Ross€also€testified€that€the€$100,000.00€advancement€wasÏprovided€to€ð ðthe€Goodwins€.€.€.€to€get€out€of€an€existing€lease.ðð€€Mr.€RossÏfurther€testified€that€no€one€ever€informed€him€that€there€was€aÏmistake€in€the€name€of€the€corporation€which€signed€the€leaseÏagreement€with€Equitec.€€On€cross€examination,€Mr.€Ross€acknowledgedÏthat€he€believed€that€the€lease€was€entered€into€with€ð ðan€alreadyÏexisting€corporation.ðð€€Ìà àð ðSkipðð€Carnell,€the€senior€leasing€manager€of€Equitec,€testifiedÏthat€John€Goodwin€informed€him€that€he€(John€Goodwin)€was€theÏpresident€of€Poplar€Pike,€Inc.,€and€that€John€Goodwin€never€informedÏhim€that€there€was€a€mistake€in€the€name€of€the€lessee€on€the€leaseÏagreement.€€Mr.€Carnell€testified€that€Equitec€required€financialÏstatements€from€prospective€lessees,€and€that€this€requirement€forÏfinancials€was€satisfied€by€statements€from€Poplar€Pike€Co.,€Inc.€€HeÍacknowledged€that€the€financial€statements€he€received€clearlyÏindicated€that€they€were€financial€statements€of€Poplar€Pike€Co.,€Inc.,Ïand€that€the€only€financial€statements€which€he€received€wereÏfinancial€statements€of€Poplar€Pike€Co.,€Inc.€€Mr.€Carnell€was€asked€ifÏthe€name€Poplar€Pike€Co.,€Inc.,€on€the€financial€statements€raised€anyÏquestion€in€his€mind€as€to€which€entity€he€was€dealing€with,€and€heÏreplied,€ð ðNo€.€.€.€because€they€had€indicated€to€me€that€they€wereÏstarting€a€new€company€and€that€they€were€transferring€these€assetsÏover€to€the€new€company.ðð€€Notwithstanding€this€testimony,€Mr.€CarnellÏunequivocally€testified€that€Equitec€would€not€have€entered€into€anyÏlease€with€a€corporation€not€in€existence.€€He€also€acknowledged€thatÏEquitec€never€sought€any€financial€information€dealing€with€the€ð ðnewððÏentity.Ìà àHarold€Moss,€the€Clark€Tower× ƒ, ××  ×€Property€Manager€for€Equitec,Ïtestified€that€the€rent€was€paid€by€checks€drawn€on€an€account€in€theÏname€Poplar€Pike€Co.,€Inc.,€and€also€by€checks€drawn€on€an€account€inÍthe€name€Poplar€Pike,€Inc.€€He€testified€that€the€name€Poplar€Pike€wasÏused€at€the€business€address€in€Clark€Tower,€but€he€could€not€rememberÏany€specific€designation€as€ð ðCo.,€Inc.ðð€or€ð ðInc.ðð€€He€also€identified€twoÏletters€written€to€the€building€management€on€letterhead€stationaryÏshowing€Poplar€Pike,€Inc.,€as€the€author€of€the€letters.Ìà àCharles€Eugene€Goodwin€testified€that€in€1985,€he€purchased€100Ïpercent€of€the€stock€of€Poplar€Pike€Co.,€Inc.,€and€that€the€business€wasÏthen€operated€as€a€real€estate€brokerage€business€by€his€son,€JohnÏGoodwin,€who€served€as€the€corporationððs€president€and€chief€executiveÏofficer.€€He€testified€that€Poplar€Pike€Co.,€Inc.,€had€its€office€in€theÏForum€Building€at€6750€Poplar€Avenue€at€a€rather€high€rent,€and€thatÏthe€companyððs€officers€desired€get€a€more€reasonably€priced€space.€ÏCharles€Goodwin€testified€that€the€Vantage€Company€managed€theÏForum€Building€and€agreed€to€release€Poplar€Pike€Co.,€Inc.,€from€itsÏliability€on€its€lease€for€$100,000.00.€€Charles€Goodwin€furtherÏtestified€that€John€Goodwin,€on€behalf€of€Poplar€Pike€Co.,€Inc.,Ïnegotiated€with€Equitec€to€move€the€companyððs€offices€to€Clark€Tower,Ïand€that€in€the€course€of€these€negotiations,€he€(Charles€Goodwin)€wasÏinformed€by€John€Goodwin€that€he€would€need€to€sign€some€form€ofÍlease€guaranty.€€Charles€Goodwin€stated€that€he€reluctantly€agreed€toÏguarantee€the€lease€between€Equitec€and€Poplar€Pike€Co.,€Inc.€€CharlesÏGoodwin€testified€that€Poplar€Pike,€Inc.,€was€a€Delaware€corporationÏchartered€in€July,€1988,€and€was€not€activated€until€December,€1988.€ÏHe€stated€that€at€the€time€of€the€negotiations€between€Equitec€and€JohnÏGoodwin,€there€was€no€contemplation€on€anyoneððs€part€that€a€DelawareÏcorporation€known€as€Poplar€Pike,€Inc.,€was€going€to€be€formed.€€Mr.ÏGoodwin€stated€that€Poplar€Pike,€Inc.,€the€Delaware€corporation,€wasÏformed€for€the€purpose€of€acting€as€a€land„holding€company,€and€thatÏthe€company€was€never€authorized€to€do€business€in€Tennessee.€ÏAccording€to€Charles€Goodwin,€after€Poplar€Pike,€Inc.,€was€formed,€itsÏbusiness€operations€were€conducted€at€his€office,€which€was€notÏlocated€in€Clark€Tower.€€Mr.€Goodwin€testified€that€right€after€the€leaseÏwas€executed,€he€pointed€out€to€Mr.€Carnell€that€the€name€Poplar€Pike,ÏInc.,€was€not€technically€correct€as€the€lessee.€€He€stated€that€his€son,ÏJohn€Goodwin,€handled€the€lease€negotiations,€and€that€neither€he€norÏJohn€ever€represented€to€anyone€at€Equitec€that€a€new€corporation€wasÏto€be€formed€to€be€the€lessee€with€Equitec.€€Mr.€Goodwin€admitted€thatÏhe€signed€the€guaranty€agreement,€and€that€he€did€so€because€PoplarÍPike€Co.€Inc.,€did€not€have€good€credit.€€He€testified€that€he€really€didÏnot€pay€any€attention€to€the€formal€name€of€the€lessee€because€he€knewÏthe€name€referred€to€the€real€estate€corporation€that€had€been€inÏbusiness€since€1972€(Poplar€Pike€Co.,€Inc.),€and€that€the€company€wasÏreferred€to€as€Poplar€Pike€Company,€Poplar€Pike,€Inc.,€or€Poplar€PikeÏRealty€Company.€€He€further€testified€that€he€never€paid€any€rent€toÏEquitec,€and€that€John€did€not€have€authority€to€sign€checks€on€theÏDelaware€corporation€Poplar€Pike,€Inc.ððs€€account.€€He€stated€that€theÏPoplar€Pike,€Inc.,€checks€that€were€used€to€pay€the€rent€on€occasionÏwere€drawn€on€a€First€American€account€that€had€no€connection€withÏPoplar€Pike,€Inc.,€the€Delaware€corporation.Ìà àJohn€Edwin€Goodwin€testified€that€he€was€the€president€and€chiefÏexecutive€officer€of€Poplar€Pike€Co.,€Inc.,€but€was€not€a€shareholder€inÏthe€company.€€He€stated€that€Poplar€Pike€Co.,€Inc.,€occupied€an€office€inÏthe€Forum€Building€at€Poplar€and€Massey,€when€they€decided€to€move€toÏClark€Tower.€€He€testified€that€at€Equitecððs€request,€he€furnishedÏfinancial€information€relating€to€Poplar€Pike€Co.,€Inc.€€In€his€testimony,ÏJohn€Goodwin€denied€that€he€ever€told€anyone€at€Equitec€that€a€newÏcorporation€was€being€formed€to€be€the€lessee.€€He€stated€that€he€knewÍnothing€about€any€plan€to€form€a€Delaware€corporation€chartered€asÏPoplar€Pike,€Inc.€€John€Goodwin€testified€that€Poplar€Pike,€Inc.,€was€hisÏfatherððs€company,€and€that€he€had€nothing€to€do€with€it.€€After€theÏfinancial€statements€were€furnished,€John€Goodwin€was€told€thatÏbecause€of€the€financial€condition€of€Poplar€Pike€Co.,€Inc.,€he€wouldÏhave€to€get€a€guarantor€on€the€lease.€€John€Goodwin€testified€thatÏEquitec€representatives€agreed€to€furnish€the€$100,000.00€to€settle€theÏrental€obligation€of€Poplar€Pike€Co.,€Inc.,€with€the€Vantage€Company€forÏthe€Forum€space.€€John€Goodwin€further€testified€that€at€the€time€theÏlease€was€executed,€he€noticed€that€the€name€of€the€lessee€wasÏincorrect.€€He€stated€that€he€told€Kirby€Ross€and€Skip€Carnell€that€theÏproper€name€of€the€lessee€should€be€Poplar€Pike€Co.,€Inc.,€but€they€actedÏlike€that€was€not€important€and€didnððt€see€any€need€to€correct€theÏmistake.€€He€further€testified€that€Poplar€Pike,€Inc.,€was€a€commonÏmisnomer€for€Poplar€Pike€Co.,€Inc.,€and€that€Poplar€Pike€Co.,€Inc.,€usedÏPoplar€Pike,€Inc.,€Poplar€Pike€Realty,€and€Poplar€Pike€Co.,Ïinterchangeably.€€He€stated€that€Poplar€Pike€Co.,€Inc.,€had€several€bankÏaccounts,€and€that€although€some€accounts€were€in€the€name€of€PoplarÏPike€Company,€Inc.,€while€others€were€in€the€name€of€Poplar€Pike€Co.,ÍInc.,€or€Poplar€Pike,€Inc.,€they€were€all€the€same€company.€€JohnÏGoodwin€stated€that€he€had€authority€to€sign€on€all€those€accounts€butÏnever€had€any€authority€to€sign€on€the€account€of€Poplar€Pike,€Inc.,€theÏDelaware€corporation€that€was€formed€in€July,€1988.€€He€further€statedÏthat€although€rental€checks€may€have€been€paid€on€an€account€showingÏPoplar€Pike,€Inc.,€as€the€drawer,€the€checks€were€not€drawn€on€anÏaccount€of€Poplar€Pike,€Inc.,€the€Delaware€corporation.Ìà àWe€will€first€address€the€appellantsðð€issue€relating€to€theÏliability€of€Poplar€Pike,€Inc.,€on€the€lease€executed€prior€to€itsÏformation€and€incorporation.€€The€appellants€argue€that€Poplar€Pike,ÏInc.,€should€not€have€been€found€liable€on€the€lease€agreement,€becauseÏit€was€not€in€existence€at€the€time€of€execution€of€the€lease,€and€itÏnever€adopted,€ratified,€acknowledged,€or€otherwise€accepted€theÏbenefits€of€the€lease€agreement€in€question.€€The€appellants€admit€thatÏJohn€Goodwin€made€rent€payments€with€checks€which€listed€PoplarÏPike,€Inc.,€as€the€drawer,€but€they€maintain€that€the€checks€which€JohnÏGoodwin€signed€were€not€in€fact€Poplar€Pike€Inc.ððs€(the€DelawareÏcorporationððs)€checks.€€The€appellants€assert€that€the€intended€lesseeÏwas€Poplar€Pike€Co.,€Inc.,€as€evidenced€by€the€fact€that€John€GoodwinÍwas€the€president€of€Poplar€Pike€Co.,€Inc.,€rather€than€Poplar€Pike,€Inc.Ìà àThe€appellee€on€the€other€hand,€contends€that€Poplar€Pike,€Inc.,€isÏliable€under€the€lease€agreement,€notwithstanding€the€fact€that€it€wasÏnot€in€existence€at€the€time€of€execution€of€the€lease,€because€PoplarÏPike,€Inc.,€adopted€the€lease€subsequent€to€its€incorporation.Ìà àA€corporation€may€become€liable€on€a€preincorporation€contractÏby€way€of€ratification€or€adoption.€€òòò òKemmons€Wilson€v.€Allied€BankÏof€Texasó óóó,€836€S.W.2d€104,€109€(Tenn.App.€1992);€òòò òPittsburgh€&ÏTennessee€Copper€Co€v.€Quintrelló óóó,€20€S.W.€248,€91€Tenn.€693Ï(1892).€€The€payment€of€rent€and€assumption€of€the€leased€space€wouldÏconstitute€an€adoption€of€the€lease€agreement€if€the€entity€which€paidÏthe€rent€and€assumed€the€leased€space€was€in€fact€Poplar€Pike,€Inc.,€theÏDelaware€Corporation,€rather€than€Poplar€Pike€Co.,€Inc.,€which€placedÏthe€name€Poplar€Pike,€Inc.,€on€its€checks€and€business€stationary.€€It€isÏundisputed€that€the€lease€agreement€(dated€January€23,€1988)€and€theÏguaranty€of€the€lease€agreement€(dated€January€27,€1988)€list€PoplarÏPike,€Inc.,€as€the€lessee€of€suite€170,€5100€Poplar€Avenue.€€It€is€alsoÏundisputed€that€the€lessee€in€suite€170€made€rent€payments€for€theÏmonths€of€February,€1990,€through€August,€1990,€with€checks€listingÍPoplar€Pike€Co.,€Inc.,€as€the€drawer,€and€that€the€lessee€made€rentÏpayments€for€the€months€of€September,€1990,€through€March,€1991,Ïwith€checks€listing€Poplar€Pike,€Inc.,€as€the€drawer.€€Ìà àFrom€our€reading€of€the€record,€there€is€no€evidence€to€indicateÏthat€the€Delaware€corporation,€Poplar€Pike,€Inc.,€ever€adopted€orÏratified€the€lease€agreement.€€Although€Equitec€has€introduced€proofÏthat€its€employees€believed€they€were€dealing€with€a€company€namedÏPoplar€Pike,€Inc.,€the€uncontroverted€proof€is€that€the€defendantÏcorporation,€Poplar€Pike,€Inc.,€was€not€incorporated€until€some€sixÏmonths€after€the€lease€was€signed.€€Moreover,€this€defendant€was€notÏqualified€to€do€business€in€Tennessee.€€The€mistaken€beliefs€ofÏEquitecððs€employees€will€not€serve€to€impose€liability€upon€theÏDelaware€corporation€Poplar€Pike,€Inc.,€absent€some€evidence€that€theÏcorporation€adopted€or€ratified€the€lease.€€There€is€no€evidence€that€theÏentity€dealing€with€Equitecððs€employees,€occupying€the€leased€space€atÏ5100€Poplar€Avenue,€and€paying€the€rent€for€the€leased€space€was€theÏDelaware€corporation€Poplar€Pike,€Inc.€€The€appellees€introducedÏevidence€that€the€entity€occupying€the€leased€space€at€5100€PoplarÏAvenue€paid€with€checks€listing€Poplar€Pike,€Inc.,€as€the€drawer,Íhowever,€John€and€Charles€Goodwin€testified€that€the€checks€wereÏchecks€of€Poplar€Pike€Co.,€Inc.,€rather€than€checks€of€Poplar€Pike,€Inc.€ÏJohn€and€Charles€Goodwin€also€testified€that€John€Goodwin€had€noÏauthority€to€write€checks€on€the€account€of€the€Delaware€corporation,ÏPoplar€Pike,€Inc.€€There€is€no€evidence€in€the€record€to€contradict€thisÏtestimony.œ× ƒ- ××  ×›€€Ìà àWith€respect€to€the€entity€actually€occupying€the€leased€space,Ïthere€is€no€evidence€to€indicate€that€the€entity€was€the€DelawareÏcorporation,€Poplar€Pike,€Inc.€€Charles€Goodwin€testified€that€theÏDelaware€corporation€Poplar€Pike,€Inc.,€occupied€a€building€ð ðcalledÏPoplar€Pike,€Inc.,€out€on€the€marquis€in€1989.ðð€€He€testified,€ÌÓÓà8 àà8 àMr.€Carnell€knew€how€to€reach€me€at€all€times.€€IÏwas€in€a€building€called€Poplar€Pike,€Inc.,€out€onÏthe€marquis€in€1989.€€In€1990,€he€always€knewÏthen€that€Poplar€Pike,€Inc.,€was€not€the€realÏestate€company€that€was€in€his€building.€Ìà àÌÓÓThere€is€nothing€in€the€record€to€contradict€this€testimony.€€TheÍevidence€indicates€that€Equitec€knew€or€should€have€known€that€theÏentity€actually€occupying€the€leased€space€was€Poplar€Pike€Co.,€Inc.€ÏDuring€the€course€of€the€lease€negotiations,€Richard€Carnell,€the€seniorÏleasing€manager€at€Equitec,€received€balance€sheets€from€Poplar€PikeÏCo.,€Inc.,€which€listed€Poplar€Pike€Co.,€Inc.,€as€the€entity€which€had€beenÏð ðauditedðð€as€part€of€Equitecððs€credit€check€of€Poplar€Pike€Co.,€Inc.,€inÏorder€to€determine€if€the€corporation€would€be€a€suitable€tenant.€ÏCarnell€stated€in€his€testimony€that€the€financial€statements€wereÏprovided€by€Poplar€Pike€Co.,€Inc.,€and€were€necessary€ð ðbefore€weÏ[Equitec]€can€get€into€a€lease€with€them€[Poplar€Pike€Co.,€Inc.].ðð€€CarnellÏstated€that€he€did€not€receive€any€balance€sheets€from€Poplar€Pike,€Inc.€ÏMr.€Carnell€was€asked€if€the€name€Poplar€Pike€Co.,€Inc.,€on€the€balanceÏsheet€raised€any€question€in€his€mind€as€to€which€entity€he€was€dealingÏwith,€and€he€replied,€ð ðNo€.€.€.€because€they€had€indicated€to€me€that€theyÏwere€starting€a€new€company€[Poplar€Pike,€Inc.]€and€that€they€wereÏtransferring€these€[Poplar€Pike€Co.,€Inc.ððs]€assets€over€to€the€newÏcompany.ðð€€The€appellees€rely€heavily€on€this€testimony€to€prove€thatÏthe€entity€with€which€they€were€dealing€was€Poplar€Pike,€Inc.€€ThisÏreliance€is€misplaced.€€All€of€the€Equitec€witnesses€noted€theÍinadequacy€of€Poplar€Pike€Co.,€Inc.ððs€assets,€so€the€fact€of€theirÏtransfer€to€a€new€company€could€be€of€little€consequence.€€Mr.€CarnellÏalso€testified€that€he€(on€behalf€of€Equitec)€would€not€have€entered€intoÏa€lease€with€a€corporation€ð ðto€be€formed€in€the€future.ðð€€From€hisÏtestimony€it€is€clear€that€he€knew€that€the€ð ðnewðð€entity€was€notÏformed€at€the€time€of€the€execution€of€the€lease.€€Ìà àThe€record€further€indicates€that€at€the€time€the€lease€wasÏsigned,€John€Goodwin€was€the€president€of€Poplar€Pike€Co.,€Inc.,€andÏthat€he€was€never€the€president€of€Poplar€Pike,€Inc.€€The€lease€wasÏsigned€by€John€Goodwin€as€president€of€Poplar€Pike,€Inc.€€€Finally,€theÏletter€agreement€states€that€the€$100,000.00€advancement€was€toÏð ðprepay€existing€rent€liability€at€6750€Poplar€Avenue.ðð€€This€rentÏliability€was€the€liability€of€the€existing€Tennessee€corporation.Ìà àIn€summary,€from€our€review€of€the€record,€we€find€that€theÏevidence€preponderates€against€the€trial€courtððs€finding€that€PoplarÏPike,€Inc.,€is€the€lessee€in€the€lease€in€question€or€that€it€ever€assumed,Ïadopted,€or€ratified€the€lease€in€question.Ìà àThe€third€issue€raised€by€the€appellant€concerns€the€guaranty€ofÏthe€lease€agreement€signed€by€Charles€Goodwin.€€The€guaranty€isÍentitled€ð ðStandard€Form€Guaranty€of€Leaseðð€and€provides:ÌÓÓà8 àà8 àFOR€VALUE€RECEIVED,€receipt€of€which€is€herebyÏacknowledged,€and€as€an€inducement€to€EQUITECÏREAL€ESTATE€INVESTORS€FUND€XII€(hereinafterÏð ðLessorðð)€to€enter€into€a€certain€LeaseÏAgreement€(ð ðLeaseðð)€between€Lessor€andÏPOPLAR€PIKE,€INC.€(hereinafter€ð ðLesseeðð),€theÏundersigned,€and€each€of€them,€if€more€than€oneÏ(hereinafter€collectively€ð ð€Guarantorðð)€herebyÏjointly€and€severally,€unconditionally€guaranteeÏand€promise€as€follows:ÌÌà@ à*€*€*€Ìà8 àà8 àà8 à1.€€Guarantor€hereby€guarantees€theÏfull,€faithful,€and€promptÏperformance€of€each€and€every€term,Ïcovenant,€condition,€and€obligation€toÏbe€kept€and€performed€by€LesseeÏunder€the€Lease,€including,€but€notÏlimited€to,€the€obligation€for€theÏpayment€of€rent€and€other€sums€dueÏto€Lessor€thereunder.à àÌÌà àà àà àà à*à àà à*à àà à*à àà àà àÌÌà8 àà8 àà8 à5.€€Guarantor€hereby€waivesÏpresentment€and€notice€of€demand€byÏLessor€as€well€as€any€notice€ofÏdefault€in€the€payment€of€rent€or€inÏthe€performance€of€any€otherÏobligations€of€Lessee€under€theÏLease.€€Guarantor€agrees€to€pay€allÏcost€of€collection,€includingÏreasonable€attorneys€fees,€in€theÏevent€Lessor€engages€the€services€ofÍan€attorney€to€enforce€any€of€theÏprovisions€hereof.ÌÌà àà àà àà à*à àà à*à àà à*Ìà àÌà àà8 àà8 à7.€€Notwithstanding€any€provisionÏhereof€to€the€contrary,€GuarantorððsÏobligation€to€Lessor€shall€be€in€theÏamount€of€ONE€HUNDRED€THOUSANDÏAND€00/100€DOLLARS€($100,000.00).€ÏThis€amount€shall€be€reduced€eachÏyear€on€the€anniversary€date€of€theÏLeaseððs€start€date€by€TWENTYÏTHOUSAND€AND€00/100€DOLLARSÏ($20,000.00).€€ÌÌÓÓThe€appellants€argue€that€the€lease€guaranty€was€only€a€guarantee€ofÏthe€lease€rather€than€a€guarantee€of€the€$100,000.00€payment€advancedÏto€Poplar€Pike€Co.,€Inc.,€to€buy€out€its€lease€at€6750€Poplar€Avenue.€€TheÏappellants€contend€that€the€$100,000.00€advancement€was€included€inÏthe€monthly€rental€payment€to€Equitec€as€evidenced€by€the€fact€thatÏneither€the€guaranty€nor€the€lease€agreement€make€any€provision€forÏrepayment€of€the€advancement.€€They€argue€that,€therefore,€the€trialÏcourt€erred€in€ruling€that€Charles€Goodwin€was€liable€on€the€guarantyÏfor€the€$100,000.00€cash€advance€separate€and€apart€from€any€liabilityÏof€Poplar€Pike€Co.,€Inc.,€as€a€result€of€the€breach€of€the€leaseÍagreement.€€The€appellee,€on€the€other€hand,€contends€that€the€guarantyÏsecured€its€$100,000.00€advance€to€Poplar€Pike,€Co.,€Inc.,€and,Ïtherefore,€upon€default,€Charles€Goodwin€was€liable€for€the€entireÏ$100,000.00€cash€advance.€€Ìà àThe€guaranty€by€its€plain€and€unambiguous€terms€is€a€guarantee€ofÏthe€lease€rather€than€the€$100,000.00€cash€advance€to€Poplar€Pike€Co.,ÏInc.€€The€instrument€guarantees€the€performance€of€the€lease€agreementÏand€the€payment€of€rent€to€Equitec.€€The€guaranty€also€provides€for€aÏreduction€of€Charles€Goodwinððs€liability€on€the€lease€by€$20,000.00€aÏyear.€€The€reduction€occurs€automatically€on€the€ð ðanniversary€date€ofÏthe€Leaseððs€start€date,ðð€and€the€reduction€is€not€contingent€upon€anyÏrepayment€scheme€of€the€$100,000.00€advancement.€€The€leaseÏagreement€began€on€January€23,€1988,€and€at€the€time€of€the€default€inÏApril€of€1990,€the€lease€agreement€had€been€in€effect€through€twoÏanniversary€dates.€€Therefore,€Charles€Goodwinððs€liability€on€the€leaseÏwas€reduced€by€forty€thousand€dollars€($40,000.00)€at€the€time€of€theÏdefault.€€Accordingly,€Charles€Goodwin€is€liable€on€the€lease€agreementÏin€the€amount€of€sixty€thousand€dollars€($60,000.00)€plus€attorneysÏfees€incurred€by€Equitec€to€enforce€the€guaranty.€€Ìà àIn€their€fourth€issue€the€appellants€contend€that€the€leaseÏguaranty€expired€on€January€23,€1993,€because€that€date€was€the€fifthÏð ðanniversary€dateðð€of€the€lease€agreement,€and€Charles€GoodwinððsÏliability€on€the€lease€was,€therefore,€reduced€by€$100,000.00€€ThisÏargument€is€without€merit.€€The€intention€of€the€parties€as€evidencedÏby€the€documents€in€question€and€the€record€in€this€case,€was€clearly€toÏhold€Charles€Goodwin€personally€liable€on€the€lease€in€the€event€of€aÏdefault,€the€amount€of€liability€to€be€dependent€upon€and€set€by€theÏtime€of€default.€€Ìà àThe€judgment€of€the€trial€court€against€defendant€Charles€EugeneÏGoodwin€in€the€amount€of€$60,000.00€is€affirmed.€€The€judgment€of€theÏtrial€court€against€defendant€Poplar€Pike,€Inc.,€a€Delaware€corporation,Ïis€vacated.€€Our€decision€renders€resolution€of€the€remaining€issuesÏunnecessary,€thus,€they€are€pretermitted.€€The€case€is€remanded€to€theÏtrial€court€for€such€further€proceedings€as€may€be€necessary,€and€costsÏof€the€appeal€are€assessed€one„half€to€the€appellee€and€one„half€toÏappellant€Charles€Eugene€Goodwin.ÌÓÓà àà àà àà àà àà àà à_________________________________Ìà àà àà àà àà àà àà àò òW.€FRANK€CRAWFORD,Ìœà à›à àà àà àà àà àà àPRESIDING€JUDGE,€W.S.ó óÌò òCONCUR:ÌÌó ó_________________________________Ìò òALAN€E.€HIGHERS,€JUDGEó óÌÌ_________________________________Ìò òHOLLY€KIRBY€LILLARD,€JUDGEó ó̜ԀÔÔ€Ô