Engelstad v. Matheson

OPINION

By the Court,

Zenoff, J.:

In 1965, Homer Matheson and Ralph Engelstad formed a joint venture for the purchase and operation of an airport *205near Las Vegas, Nevada, known as Thunderbird Field-. On August 25, 1967, the parties entered into an agreement to dissolve this arrangement. In consideration of the dissolution agreement appellants agreed to pay the Mathesons the sum of $176,500. Matheson received $50,000 upon execution of the agreement and a promissory note for the balance of $126,500. The promissory note provided for payment on April 1, 1968 of $12,500 together with 7 percent…