Herring v. Offutt

By written agreement dated June 4, 1963, Lyle E. Dewees, Oscar R. Duley and two others became “partners” in a business called the “Spencer Joint Venture”, for the purpose of owning and developing 14.6332 acres of land in Prince George’s County. Dewees and James F. Herring owned a restaurant business located on the property. On December 22, 1963, Duley died owning a 25% interest in the venture. Thereafter, Dewees and Herring sought a purchaser for the Duley interest and found one in the person of Worth Offutt. Offutt was led to believe that 24.5% of the venture could be purchased from Duley’s…