C & W Land Development Corp. v. Kaminsky

Carley, Judge.

Appellee and appellant-defendant corporation entered into a contract whereby appellee participated in the financing of the development of a subdivision. Pursuant to that agreement, appellee was to loan appellant a sum of money to build Phase I of the project. In exchange, appellee would receive the return of his principal, along with interest and 25 % of the profits of Phase I. The contract further provided that if Phase II of the subdivision were developed, appellee would have the option to participate in its financing on the same terms as applied to Phase I. Phase I was…