Levy v. Leavitt

In June, 1919, the plaintiff agreed to assume a twenty pér cent interest in the purchase for resale of a large quantity of bacon which the United States government offered for sale. The plaintiff paid the defendant the sum of $50,000 and received a letter from the defendant stating: “This is to acknowledge receipt of your check for $50,000 as part payment on the purchase of approximately 2,500,000 pounds of bacon. It is understood that you are to receive twenty per cent, of the net profits or stand twenty per cent, of the net loss should there be any loss.” No formal contract was made.…