Paul v. Cullum

Citations

• 132 U.S. 539
• 10 S. Ct. 151
• 33 L. Ed. 430
• 1889 U.S. LEXIS 1903

Syllabus

<p>In the absence of written stipulations or other evidence showing a different intention, partners will be held to share equally both profits and losses; but it is competent for them to determine, as between themselves, the basis upon which profits shall be divided and losses borne, without regard to their respective contributions, whether of money, labor, or experience to the common stock.</p> <p>L. and W., the owners of a stock of goods, made a written agreement with H. reciting that the latter was “ taken into partnership,” that the stock should be inventoried and delivered to H. “ as a capital stock ” “ to be sold with his entire direction and supervision under the name ” of the L. and W. Company; that a new set of books should be opened, showing the business of the new firm; that the profits and losses should be shared in the proportion of eight-tenths for L. and W. and of two-tenths for H.; and that the “partnership” should pertain only to merchandising and have no connection with any outside business L. and W. might have jointly or separately. After this agreement was made, L. constituted H. his attorney in fact, with power “ to bargain, and agree for, buy, sell, mortgage, hypothecate, and in any and every way and manner deal in and with goods, wares, and merchandise, choses in action, and other property in possession, or in action, and to make, do and transact all and every kind of business of what nature and kind soever, and also, for me and in my name, and as my act and deed, to sign, seal, execute, deliver and acknowledge such deeds, covenants, indentures, agreements, mortgages, hypothecations, bottomries, charter parties, bills of lading, bills, bonds, notes, receipts, evidences of debt, releases, s£nd satisfactions of mortgage, judgment, and other debts, and such other instruments in writing of whatever kind and nature as may be necessary or proper in the premises ; ” Held:</p> <p>(1) That by this agreement I,., W. and H. became partners and as between