Evans v. Smith

The parties, plaintiff-appellant Walter C. Evans and defendant-appellee Timothy A. Smith, entered an agreement in July 1988 to jointly purchase a collection agency known as Subrogation & Recovery Consultants, Inc. (“SRC”) for $110,000. Pursuant to their agreement, each party was to contribute $15,000 toward an initial $40,000 payment which was due in August 1988. 1 The agreement further provided that appellee would “operate in such ‘Purchaser’ capacity as the representative of both parties.” Appellee claimed that appellant secured his portion of the corporation’s purchase price by…