McReynolds's Appeal

Citations

• 66 Pa. 102
• 1870 Pa. LEXIS 284

Syllabus

<p>1. Maltby assigned to Kase one-fifth interest in a railroad contract payable in stock and bonds, Kase to pay one-fifth of the cash capital (5150,000), “ as may be required by Maltby,” who was authorized to sell stock and bonds, if necessary to prosecute the work, the profits to be divided amongst the parties in proportion to the cash contributed. Kase being called on by Maltby refused to pay more than one-fifteenth, alleging that no more was required than Maltby had realized from srock and bonds, Maltby completed the contract. Held, that “required” meant “called for” and that Kase was entitled to but one-fifteenth of the profits.</p> <p>2. It was agreed that Maltby should “ have the same control over the execution of the work, sale of the stock,” &e., as if the contract had “ never been executed.” Held, that Kase could not question Maltby's exercise of authority except on the ground of want of good faith.</p> <p>3. Maltby was partner in a firm with whom he contracted for iron for the road; prices having greatly increased, he by an arrangement “ made in entire good faith” agreed to give an increased price. Held, that he should be allowed for the advance in settling with Kase.</p>