34.1 General PartnershipThomas 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
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