Smith v. Vanderburg

Citations

• 46 Ill. 34

Syllabus

<p>1. Practice—court may amend record of cause after judgment and during term. During the term of court at which a judgment is entered, the court, of its own motion, may afterwards, make such amendments of the record of the cause, as it may think proper, and the justice of the case requires.</p> <p>2. Partnership—interpretation of a particular agreement. A & B of the one part, and C. D. E. & F. of the other, made an agreement in writing, whereby A & B sold to 0 the exclusive right to manufacture and sell a certain article secured by letters patent, together with all the stock and fixtures then on hand pertaining to the business, in consideration that thirty-seven and one-half per cent, of the net profits realized should be paid to them; and in order that profits might arise out of it, D E & F were to furnish §16,000 as capital for carrying on the same; A &B agreeing that they would neither make nor sell the said article, nor in anywise interfere with the management of the business, which was agreed should be left exclusively with 0 as superintendent, who was to receive a certain stipulated compensation for his services, the party of the second part guaranteeing to A & B the payment of said per cent., after all expenses should be paid, such expenses to include 20 per cent, on the capital furnished by D E & F , to be paid to them for the use of the money, and which capital it was agreed they might at any time withdraw, with the consent of C. Held, that this agreement did not constitute a partnership between A & B and the other parties.</p> <p>3. Same—conceding one existed—rights and liabilities of the parties between themselves and as to third persons. Conceding a partnership to have existed, the withdrawal of the capital furnished, with the consent of C effected a dissolution of the firm. D. E & F could not be held liable on a note executed by 0 as superintendent of the concern, ten days after they had with 0’s consent, withdrawn the capital paid in by them; under th