Martin v. Reitz

Carley, Judge.

Reitz purchased a boat for $400, paying $100 down and promising to pay the balance at a rate of $100 per month for three months. Some weeks later Reitz and Martin entered into a written agreement to restore the boat. Martin agreed to buy a one-half interest in the boat for $3,000, which would be used for the materials, parts and furnishings necessary to the restoration. He borrowed $3,000 which he placed into a special account for the purpose, to be drawn on only by him. Reitz contributed no money but was to furnish the physical labor involved in the project. The evidence is…