Hudson v. Allen

Appellant and appellee became partners in the general insurance business at Helena, Arkansas, under the name of the E. M. Allen Company, in May, 1919, and continued as such until July, 1927, when appellant purchased appellee’s interest. On July 12,1927, they entered into a preliminary sale and purchase agreement in which it was stipulated that it was to be replaced with a formal contract of sale signed by both partners. Appellant owned a 45 per cent, interest in the partnership, and appellee, 55 per cent. The purchase price of appellee’s interest was $13,500, of which $6,000 was paid in cash…