Blackard v. Monarch's Manufacturers & Distributors, Inc.

Ernest R. Mills and John C. Blackard had been partners in a formica fabrication business under the name of Monarch’s Manufacturers and Distributors. This partnership was terminated by an agreement between Blackard and Mills on April 5, 1957. The terms of this agreement provided that Blackard would sell all of his interest to Mills, and in return Blackard was to receive One Thousand ($1,000.00) Dollars in cash and Forty-nine Thousand ($49,000.00) Dollars within thirty days. Mills also was to execute a note for Fourteen Thousand Five Hundred ($14,500.00) Dollars to be paid within sixty (60)…