Gullich v. Alford

Citations

• 61 Miss. 224

Syllabus

<p>1. Contract op Purchase. Terms to be in writing. Abandonment. Where a party makes a contract for the purchase of property and as a part of the contract it was agreed that its terms should be reduced to writing, the contract is not consummated until reduced to writing, and if one of the parties refuses or unreasonably neglects to do so, the other m*ay abandon the contract if unexecuted by him.</p> <p>2. Partnership. Suit by partner for'services rendered the firm. Reception of profits. Where there is an unexecuted contract for the purchase of property, and an agreement that the seller and buyer shall form .a partnership conducted by the use of the property so contracted for, and the business contemplated is actually carried on and the profits therefrom divided among and appropriated by the partners, then there is an executed contract of partnership which cannot be rescinded by either party, and the right the partner contracting to buy a part of the property from the other to abandon the contract of purchase because unexecuted, does not cany with it the right to abandon the partnership and recover from the other for services rendered the firm.</p>