Abbott v. Ferrell

Dr. Ronald T. Abbott, plaintiff, and Dr. Griffith H. Ferrell, Jr., were partners in the business of providing emergency room services to several hospitals in Illinois, Iowa, and North Dakota. Their medical partnership was known as Drs. Abbott and Ferrell, with offices in Moline, Illinois. In late 1977 the partners decided to terminate their partnership as of December 30, 1977, and after negotiating terms, they executed a. dissolution agreement dividing the partnership debts and accounts receivable between the two partners and providing a formula to equalize the division by a payment of cash.…