Friend & Son, Inc. v. Schmidt

In the month of November, 1925, defendant Schmidt made an agreement to go into partnership with Olaf J. Hanson in the harness and saddlery business at Euverne, Minn. He agreed to contribute $1,000 to the partnership capital. At Sioux Falls he made a note for $1,000 payable to the order of plaintiff, due November 4, 1927, secured by a mortgage on three lots in the city of Hartford, S. D., and mailed the note and mortgage to plaintiff at St. Paul, Minn. He says this was in consideration for *478merchandise to that amount which was to be supplied as his contribution to the partnership, by plaintiff;…