Callaway v. Pearson

A partnership composed of C. and Y. sold their 'business and property to a partnership composed of C. and'P., the trade being effected by 'the partner who was the common member of both firms. In part the consideration of the sale was that the purchasing firm assumed all the debts of the selling firm, and that the purchasing firm was to give its note to partner Y., of the selling firm, for a stated amount. The transaction was consummated by the execution of a deed. Subsequently the purchasing firm paid certain items of indebtedness of the selling firm, which were not disclosed to P. at the…