Smith's v. Garth
Supreme Court of Alabama
[bill in equity to enforce partnership agreement.] Appeal from the Chancery Court at Talladega. Heard before the Hon. James B. ClaRK. This bill was filed by Jesse W. Garth, against the executor, widow and heirs-at-law of Solomon C. Smith, deceased; and sought to establish a partnership contract between plaintiff and said Smith, in certain lands subject to entry and sale at Lebanon, and to have an account and settlement of the partnership matters.
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[bill in equity to enforce partnership agreement.] Appeal from the Chancery Court at Talladega. Heard before the Hon. James B. ClaRK. This bill was filed by Jesse W. Garth, against the executor, widow and heirs-at-law of Solomon C. Smith, deceased; and sought to establish a partnership contract between plaintiff and said Smith, in certain lands subject to entry and sale at Lebanon, and to have an account and settlement of the partnership matters. It alleged, that a verbal contract was entered into between said Smith and plaintiff, prior to 1st April, 184-3, for the purpose of buying and…
1Opinion of the CourtStone, J.
To constitute a partnership inter sese, there must be a mutuality of risks — air interest both in the profits and losses. These risks or interests are not required to be equal; nor is it important that they shall *372agree in kind. The investment may be unequal, and the parties may agree to divide the profits unequally; yet, if it be one of the terms of the contract, that each shall share in the risks and losses, and also in the profits to be realized, this constitutes them partners as between themselves. We will not attempt a collation of the authorities, but submit the following references, as…
2Cases cited5 opinions
- Boyd v. M'LeanNew York Court of Chancery · 1815
- Vanderburgh v. Hull & BowneNew York Supreme Court · 1838
- Burckle v. EckartCourt for the Trial of Impeachments and Correction of Errors · 1845
- Moore v. SmithSupreme Court of Alabama · 1851
- Hodges v. Dawes & Co.Supreme Court of Alabama · 1844
3Cited by14 opinions
- Floyd v. KicklighterSupreme Court of Georgia · 1912
- Alabama Fertilizer Co. v. Reynolds & LeeSupreme Court of Alabama · 1885
- Brooke v. TuckerSupreme Court of Alabama · 1907
- Fail v. McReeSupreme Court of Alabama · 1860
- Jean v. SandifordSupreme Court of Alabama · 1864
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