Bennett v. Smith

Smith filed an equitable petition, alleging that in January, 1898, petitioner and Bennett entered into a copartnership for the purpose of carrying on a mercantile business. Under the terms of the agreement, the business was to be conducted by Smith, who was to pay one third of the expenses, and Bennett was to pay two thirds of the same, and they were to share the profits of the business equally. The partnership commenced business immediately after their contract, and during the year 1898 they sold goods to a considerable amount, and made a reasonable profit therefrom. The partners agreed to a…