Procter & Gamble Co. v. Powelson

(after stating the facts as above). Plaintiff’s Case. The “Outline of Understanding” (hereinafter called the “Outline”) must be construed as a joint venture agreement. It was entered into by both parties in good faith. It is true that defendant’s estimate of the money necessary for the development of the enterprise *302turned out to be too optimistic, but there is no doubt that the preliminary negotiations which led up to the signing of the “Outline” were fairly and honestly conducted by both sides, and, as the District Judge properly held, the “Outline” was entered into without fraud or mistake.

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