Kirkwood v. Smith

On June 2,1891, the plaintiff and one Charles S. Locke entered into a written agreement whereby plaintiff agreed to advance the sum of $10,000 in cash, to be invested in the business of manufacturing, buying and selling plumbing, steam and gas-fitting materials, as part of the capital stock of the business. Locke agreed to carry on the business to the best of his ability; and it was agreed that the consideration to be paid plaintiff should be one-quarter of the net profits, instead of interest on the investment. The agreement was to continue for five years, and provision was made that upon…