Philip Whitehead Co. v. Edward Krock Industries, Inc.

Order dismissing report affirmed. This is an action of contract brought by the corporate plaintiff, the purchaser of a proprietorship from Philip Whitehead, who, as an individual, entered into an oral agreement with the defendant to share the profits and losses of a business venture. _ The District Court judge found that Whitehead “purchased a quarter interest in a transaction involving some woolen mills in Vassalboro, Maine, for the sum of $67,500 for his interest. The profits were to be divided among three persons who had varying interests. The assets were finally disposed of and there…