This preview shows page 1. Sign up to view the full content.
Unformatted text preview: 34.1 General Partnership Thomas Smithson, a house builder and small- scale property developer, decided that a certain tract of undeveloped land in Franklin, Tennessee, would be extremely attractive for development into a subdivision. Smithson contacted the owner of the property, Monsanto Chemical Company, and was told that the company would sell the property at the right price. Smithson did not have the funds with which to embark unassisted in the endeavor, so he contacted Frank White, a co- owner of the Andrews Realty Company, and two agents of the firm Dennis Devrow and Temple Ennis. Smithson showed them a sketch map with the proposed layout of the lots, roads, and so forth. Smithson testified that they all orally agreed to develop the property together, and in lieu of a financial investment, Smithson would oversee the engineering of the property. Subsequently, H. R. Morgan was brought into the deal to provide additional engineering of the property....
View Full Document
This note was uploaded on 07/15/2010 for the course ACC ACC351 taught by Professor Black during the Spring '10 term at Rutgers.
- Spring '10