Hays v. Colonial Trust Co.

Citations

• 217 Pa. 53
• 66 A. 143
• 1907 Pa. LEXIS 653

Syllabus

<p>Contract — Partnership—Sharing in profits — Equity.</p> <p>On a bill in equity it appeared that the plaintiff and defendant made an agreement in writing by which plaintiff was to take up options on certain stock at $10.00 a share. He was to be paid $100 a month, and in case he sold the stock at a price satisfactory to defendant he was to have twenty-five per cent of the profits. If, however, defendant determined to take up said options himself then defendant was to have a salary for his time, his investment was to be repaid with interest and then plaintiff was to have twenty-five per cent of the profits on the sale of the stock. Defendant was to have “full control” of the stock. Held, that the parties to the agreement were not partners, and that defendant although bound to good faith towards the plaintiff, was not bound to consult him as to the sale of the stock.</p>