Wise v. Nu-Tone Products Co.

Opinion by

Mr. Justice McWilliams.

As of February 25, 1960, Arthur B. Wise, Jr., and his three sisters, Neva Wise Newcomb, Winifred Wise Page, and Mary Jo Wise Mayes, were doing business as a limited partnership under the trade name of Nu-Tone Products Co., with Wise Jr. being the general partner and his three sisters being limited partners. On that date these four entered into a written contract whereby Wise Jr. agreed to sell and convey to his sisters “all of his right, title and interest” in this limited partnership, and the sisters promised to pay their brother in exchange therefor the sum…