In Schmoele v. Atlantic City R.R. Co., 110 N.J. Eq. 597, 160 A. 524 (E & A 1932), the Court held that defendant Atlantic City Railroad Company, which had succeeded through purchase and merger to a certain right-of-way issued in 1877 to Philadelphia & Atlantic City Railway Company (Philadelphia), was not obligated under a June 1877 contract, between the grantors of the right-of-way and Philadelphia, to continue to issue the grantors eleven free annual passes for use on the railroad.